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HomeGrown is a small restaurant that specializes in serving local fruits, vegetables and meats. The company has chosen to enter into a long-term relationship with Family Farms, a local farming operation. The two parties have decided to enter into a long-term contract where Family Farms will supply produce to HomeGrown at specified prices and volume each year. Before signing a contract, HomeGrown is trying to decide how long the contract should be. It estimates that each year the contract covers saves the restaurant $2,000 in bargaining and opportunism costs. However, each year the contract covers also requires more legal fees. HomeGrown estimates that the number of hours it will need from lawyers, L, has a quadratic relationship with the number of years on the contract so that L = Y2 where Y is the number of years for the contract. If HomeGrown’s lawyers charge $120 per hour, how long should the contract be?
Instruction: Round your answer to 1 decimal place.
A monopolistically competitive firm is operating in the short run, is operating at the optimal level of output, and is earning positive economic profits. Describe how this industry will adjust in the long run.
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Suppose you discover that average fixed costs are $2 and average variable costs are $7. Indicate what the firm should do.
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