In your initial post, include the image of your simulation report in your response. See the document for more information. Then, address the following questions:
- Imagine you own your own business. Based on what you learned from the simulation, what factors would determine your entry and exit into a market?
- Applying the concept of marginal costs, how would you, as a business owner, decide how much to produce?
- How does the impact of fixed costs change production decisions in the short run and in the long run? Refer to the average total-cost (ATC) model included in the textbook to demonstrate.