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The bee keeping industry is highly competitive. The market supply of bees is given by Q = P- 10, where Q is measured in 100's of bees. The market demand for bees is Q = 30 - P.
A. Find the equilibrium price and quantity of bees.
B. Bee keeping creates a benefit for nearby farms and gardens. Economists estimate those external marginal benefits to be EMB = 5. Calculate the socially optimal level of output and price for bees.
C. According to your answer to (a) and (b), are bees being under or over produced? Explain.
D. Based on the Coase theorem, do you expect that beekeepers and nearby farmers will negotiate to internalize the positive externality? Explain. (Be sure to say what the Coase theorem is in your response). (Hint: Bees will only fly 2 miles from their hive).
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