University of Waterloo is predicting an at least a 15% reduction in its revenues in the...

University of Waterloo is predicting an at least a 15% reduction in its revenues in the Fall 2020 semester due to a reduced demand for university education caused by the current pandemic. Assume a decreasing returns to scale technology and a competitive market. Also, assume that the market was in the long run equilibrium prior to the outbreak of covid-19. Discuss the short run and long run implications of this reduction for:

1. the choice of output by the university

2. capital and labour choices by the university

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Expert Solution

Rahul Sunny answered 1 year ago

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