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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 5q dollars on bees, and 4q^2 on sugar. 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=512-4P. Also, suppose there are 50 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make in a month?
In competitive equilibrium, what is the ratio of the price of bananas to the price of tomatoes. Illustrate what is the equilibrium quantity of bananas and tomatoes consumed by Marilyn and Chen.
Assume that the level of GDP increased by $100 billion in a private closed economy where the marginal propensity to consume is 0.5. Aggregate expenditures must have increased by.
Find the equation of the dominant firm's derived-demand function
What performance percentage would you use to trigger executive bonuses for that year.
Explain how the reduction in supply from the reduced fishing waters will either increase or decrease consumer surplus and producer surplus.
Suppose that the demand for orange increases. Carefully explain how the rationing function of price will restore market equilibrium.
Substitute the values of L* and K* in the total cost equations and obtain an expression for the total cost C*. then calculate the average and marginal costs and plot them. Illustrate what is the cost elasticity of output.
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Illustrate what does this outcome reveal about the size of the multiplier
Find out industry's profit-maximizing cost and quantity. Illustrate what is its profit. industry's production manager claims that industry's average cost of production in minimized at an output of 40 units.
The Microsoft Case Microsoft Monopoly--Why was Microsoft investigated for antitrust behaviour.
A purely competitive wheat farmer can sell any wheat he grows for $30 every bushel. His five acres of land
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