Answer the Following

question 67

Essay

Answer the following:
a)Jack's lawn-mowing service is a profit-maximizing,perfectly competitive firm.Jack mows lawns for $27 each.His total cost each day is $280,of which $30 is total fixed cost.He mows 10 lawns a day.Will Jack exit the industry in the short-run? Why or why not?
b)Will Jack exit the industry in the long-run? Why or why not?

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Definitions:

HIV-positive

The condition of having tested positive for the human immunodeficiency virus, which can lead to AIDS if not treated.

Antiretroviral Medications

Drugs used in the treatment and management of HIV/AIDS that work by inhibiting the replication of the virus in the body.

Transmission

The process by which something is conveyed or transferred from one place, person, or thing to another, especially diseases or genetic traits.

Phenylketonuria

A genetic disorder that results in the inability to metabolize phenylalanine, leading to its accumulation in the body.