Suppose the return and cost of entrepreneurship curves are described by the following equations (with numbers measured in the thousands): R=650−25N C=250, where R=returns to entrepreneurship, C=cost of entrepreneurship, and N=number of entrepreneurs. The equilibrium number of entrepreneurs is N=....... thousand. (Round your response to two decimal places.) The equilibrium cost of entrepreneurship is C=$..... thousand. (Round your response to two decimal places.) Suppose the country's government begins providing a court system to provide legal backup of contracts, increasing the return to entrepreneurship by $100 thousand for each entrepreneur. The equilibrium number of entrepreneurs is N=...... thousand. (Round your response to two decimal places.) The equilibrium returns to entrepreneurship is R=$....... thousand. (Round your response to two decimal places.)
Suppose the return and cost of entrepreneurship curves are described by the following equations (with numbers measured in the thousands): R=650−25N C=250, where R=returns to entrepreneurship, C=cost of entrepreneurship, and N=number of entrepreneurs. The equilibrium number of entrepreneurs is N=....... thousand. (Round your response to two decimal places.) The equilibrium cost of entrepreneurship is C=$..... thousand. (Round your response to two decimal places.) Suppose the country's government begins providing a court system to provide legal backup of contracts, increasing the return to entrepreneurship by $100 thousand for each entrepreneur. The equilibrium number of entrepreneurs is N=...... thousand. (Round your response to two decimal places.) The equilibrium returns to entrepreneurship is R=$....... thousand. (Round your response to two decimal places.)
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Suppose the return and cost of entrepreneurship curves are described by the following equations (with numbers measured in the thousands):
R=650−25N
C=250,
where R=returns to entrepreneurship, C=cost of entrepreneurship, and N=number of entrepreneurs.
The equilibrium number of entrepreneurs is N=....... thousand.
(Round your response to two decimal places.)
The equilibrium cost of entrepreneurship is C=$..... thousand.
(Round your response to two decimal places.)
Suppose the country's government begins providing a court system to provide legal backup of contracts, increasing the return to entrepreneurship by $100 thousand for each entrepreneur.
The equilibrium number of entrepreneurs is
N=...... thousand.
(Round your response to two decimal places.)
The equilibrium returns to entrepreneurship is
R=$....... thousand.
(Round your response to two decimal places.)
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