Jay quit his job as a teacher, which paid him $36,000 per year in order to start his own catering business.
Jay quit his job as a teacher, which paid him $36,000 per year in order to start his own catering business. he spent $12,000 of his savings, which had been earning 10% interest per year, on equipment for his business. he also borrowed $12,000 from his bank at 10% interest which he aslo spent on equipment. for the past several months he has spent $1,000 per month on ingredients and other variables costs. Also for the past several months he has taken in $3500 in monthly revenue. Should Jay continue operating in the short-run and long-run? How would you draw graphs to illustrate this?
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