8.9 Next year after Matt decides to renew his lease. (maybe unwisely depending on how youanswered the previous question) Unfortunately, it's revealed that Chris Hemsworth was paidmillions of dollars by Big Rutabaga to lie about the body shredding capabilities of rutabaga.Demand for rutabagas is now lower than ever and as a consequence the market price is nowonly $3 per rutabaga. The lease and variable costs are the same this year as last year. Mattshould:close his rutabaga farm immediatelycontinue producing in the long run and short runcontinue producing in the short run but shut down in the long runraise his prices above the perfectly competitive levellower his output

It is given that Chris Hemsworth lies about body shredding capabilities of rutabaga and the demand…

ext year after Matt decides to renew his lease. (maybe unwisely depending on how you swered the previous question) Unfortunately, it's revealed that Chris Hemsworth was paid llions of dollars by Big Rutabaga to lie about the body shredding capabilities of rutabaga. emand for rutabagas is now lower than ever and as a consequence the market price is now ly $3 per rutabaga. The lease and variable costs are the same this year as last year. Matt ould: close his rutabaga farm immediately continue producing in the long run and short run continue producing in the short run but shut down in the long run raise his prices above the perfectly competitive level lower his output

ext year after Matt decides to renew his lease. (maybe unwisely depending on how you swered the previous question) Unfortunately, it's revealed that Chris Hemsworth was paid llions of dollars by Big Rutabaga to lie about the body shredding capabilities of rutabaga. emand for rutabagas is now lower than ever and as a consequence the market price is now ly $3 per rutabaga. The lease and variable costs are the same this year as last year. Matt ould: close his rutabaga farm immediately continue producing in the long run and short run continue producing in the short run but shut down in the long run raise his prices above the perfectly competitive level lower his output

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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