R= 550 - 50N
C= 50,
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=S
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.)
R 550 50n C 50 Where R Returns To Entrepreneurship C Cost Of Entrepreneurship And N Number Of Entrepreneurs T 1 (39.38 KiB) Viewed 11 times
E Quiz: Chapter 08 Quiz Question 2 of 18 > This quiz: 18 point(s) possible This question: 1 point(s) possible Suppose the return and cost of entrepreneurship curves are described by the following equations (with numbers measured in the thousands): R=550-50N C= 50, where Rreturns 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.) B Submit quiz 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.) Next
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