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(Solved by Expert Tutors) Suppose the 50 acre lot on which a firm operates its key production


facility is located in an area in which the market value of property has fallen on average 20%. The firm owns this land ? there is no mortgage. Land is the resource discussed throughout question #1 but this firm is not in the real estate business. d) (20 Points) Identify the impact this change will have on the firm?s short run profit maximizing output decision. This question can be broken down into two components: (i) Could a decrease in the price of this resource change the decision to produce versus shut down? Explain. If your answer is ?yes?, explain whether the firm is more or less likely to shut down. (ii) Could a decrease in the price of this resource change the profit maximizing output level if the firm does produce? Explain. If your answer is ?yes?, explain whether the firm will produce more or less. - State the rule!

 


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DATE ANSWERED

Apr 19, 2020

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