COURSE

ECON312N: Principles of Economics

Initial Post Instructions
For the initial post, address the following:

• Locate a news article discussing a social services business failure or closure. Using the concepts in the lesson and Chapter 7, identify the root causes for the failure, examining the short run and long run. Use graphs if necessary.
• Assume the business was in a perfectly competitive market. How do firms in a perfectly competitive market determine price and profit-maximizing output levels? How did these conditions affect the decision to close?

SOLUTION

Hi class and Professor,

The social services failure that mentioned in the news article is the closure of a nursing home in New Jersey. The failure of the nursing home leading to the closure of some nursing homes increased in New Jersey, especially during the COVID-19 pandemic. Despite the healthcare professional’s best effort in a nursing home, the financial structure, complex health care system, and other resources could not protect staff, residents, and facility. “Around 67% of nursing………..please click the icon below to access entire solution at $5