12. Suppose the industry equilibrium price of residential housing construction is $100 per square foot and the minimum average variable cost for a residential construction contractor is $110 per square foot. What would you advise the owner of this firm to do? Explain.

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30-03-2020
Business

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12. Suppose the industry equilibrium price of residential housing construction is $100 per square foot and the minimum average variable cost for a residential construction contractor is $110 per square foot. What would you advise the owner of this firm to do? Explain.

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alizaybhatti43 alizaybhatti43 · Answer 1 · 2020-04-03T03:50:38+02:00

Answer:

I would encourage the proprietor to promptly close down his firm. On the off chance that he closes his firm down, he will make lesser misfortunes than if he works his firm. On the off chance that the normal variable expense is higher than the harmony value, at that point in the event that he closes down, his misfortune will be the fixed expense and on the off chance that he works, his misfortune would be fixed cost+ (avc-value) x amount. Consequently, it is better not to work, even in the short run.