Suppose the return and cost of entrepreneurship curves are described by the following equations (with numbers measured in the thousands):R= 600 – 100NC= 200 + 150N,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 returns to entrepreneurship is R= S thousand. (Round your response to two decimal places.)The government enacts a license fee of $100 thousand to file the paperwork necessary to start a firm.The new equilibrium number of entrepreneurs is N= thousand. (Round your response to two decimal places.)The new equilibrium returns to entrepreneurship is R= $thousand. (Round your response to two decimal places.)

Given, Equation for Return: R=600-100N Equation for Cost of Entrepreneurship: C=200+150N where, C…

Suppose the return and cost of entrepreneurship curves are described by the following equations (with numbers measured in the thousands): R= 600 – 100N C= 200 + 150N, where R= returns to entrepreneurship, C= cost of entrepreneurship, and N= number of entrepreneurs. %3D

Suppose the return and cost of entrepreneurship curves are described by the following equations (with numbers measured in the thousands): R= 600 – 100N C= 200 + 150N, where R= returns to entrepreneurship, C= cost of entrepreneurship, and N= number of entrepreneurs. %3D

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 9SQ

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Question

Suppose the return and cost of entrepreneurship curves are described by the following equations (with numbers measured in the thousands):
R= 600 – 100N
C= 200 + 150N,
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 returns to entrepreneurship is R= S thousand. (Round your response to two decimal places.)
The government enacts a license fee of $100 thousand to file the paperwork necessary to start a firm.
The new equilibrium number of entrepreneurs is N= thousand. (Round your response to two decimal places.)
The new equilibrium returns to entrepreneurship is R= $
thousand. (Round your response to two decimal places.)

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