Reference no: EM13181086
1. Suppose honey is produced in a beehive using bees and sugar. Each honey producer uses one beehive which she rents for $20/month. Producing q gallons of honey in one month requires spending 3q dollars bees, and 3q2 dollars on sugar.
a)What is the total cost of producing q units of honey for an individual honey producer in a given month?
b) What is the average cost of producing q units of honey per month for an individual producer for a given month?
c) In general, if the total cost of producing honey is a + bq + cq2, then the marginal cost of producing honey is b + 2cq. Assuming each honey producer operates as a price-taker, what is the monthly supply curve for an individual producer?
d) Let Q be the total market supply, and q is the supply of an individual firm. Therefore, q = Q/n where n is the total number of firms in the market. Suppose the demand for honey is given by Q = 243-3P. Also, suppose there are 60 honey producers in the market. What is the equilibrium price of honey?
f) How much profit does an individual producer make in a month? Is this a long-run equilibrium? If the answer is yes, simply state that it is a long-run equilibrium. If the answer is no, explain whether or not the equilibrium price will rise or fall.
|
How does encapsulation assist older thinkers
: How does encapsulation assist older thinkers? Which statement between adult learners and their younger counterparts is true? What conclusion is most accurate regarding the research on ethnic differences in practical intelligence?
|
|
What is the probability that a freshman selected at random
: What is the probability that a freshman selected at random from this group is enrolled in an economics and/or a mathematics course.
|
|
What is his income elasticity of demand for pizzas
: Whenever the price of any of the goods increase, Richard gives a call to his rich uncle who immediately transfers funds to him so that Richard's utility remains constant. Assume the price of burritos increased by 20%, and even after Richard is com..
|
|
What was the most frequent outcome
: Having devised a way to simulate Terry's one-and-one probabilities and having run the simulation 40 times, what was the most frequent outcome in your simulation and what was the average score per one-and-one situation?
|
|
What is the average cost of producing
: How much profit does an individual producer make in a month? Is this a long-run equilibrium? If the answer is yes, simply state that it is a long-run equilibrium. If the answer is no, explain whether or not the equilibrium price will rise or fa..
|
|
Small refracting spy glass telescope
: A small refracting spy glass telescope has an objective lens with a diameter of 2 inches. The world's largest refracting telescope at yerkes observatory has an objective lens with a diameter of 40 inches
|
|
Calculate the work done in moving the object
: Calculate the work done in moving the object from x = 1 ft to x = 12 ft. (round your answer to two decimal places).
|
|
What is the velocity of the stone on impact
: A stone thrown upward from the top of a 80 ft cliff at 118 ft/sec eventually falls to the beach below. (For this problem take the acceleration due to gravity to be -32 ft/sec; take upwards to be a positive direction.)
|
|
How do occupational priorities vary with age
: How do people view work? How do you view work? How do occupational priorities vary with age? Considering our current economic condition in this country, how do people go about choosing a job without compromising their career choices or passion?
|