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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 $30 per month. Producing q gallons of honey in one month requires spending 5q dollar bees and 2q^2 dollars 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=500-4p. Also, suppose there are 80 honey producers in the market. What is the equilibrium price of honey?
illustrate what cost-minimizing combination of K and L will the manufacturer employ for the output levels in part a.
Calculate elasticity for each variable. On this basis, examine relative impact that each variable has on demand. Illustrate what implications do these results have for industry's marketing and pricing.
In the short run the typical company increases its output but its total cost also rises. Hence, the effect on the company 's profit cannot be determined without more information.
Louie produced 300 fire trucks. What action leads to both gains in revenue and loses in revenue for Louie.
Explain how can changes in macro environment affect industries through the microeconomics factors of demand, production, cost and profitability.
Use indifference curves to distinguish between income and substitution effects, using the above techniques explain why the demand curve slope downwards, What are the main criteria for designing a tax system, To what extent do you think the national..
Suppose a basket of goods and services has been selected to calculate the CPI.
Government purchases rise to 1440. How does this increase change the equation describing desired national saving? Show the change graphically. Illustrate what happens to the market-clearing real interest rate.
Draw a graph with arcade games on the horizontal axis also newspapers on the vertical axis. Joe has $10 every week to allocate between these commodities.
compute the monthly rate of inventory growth in the global aluminum market using the given demand and supply equations for the world aluminum market.
One could argue that a long commute to work is an undesirable characteristic of any job. If most people live in the suburbs.
Discuss how government intervention to address a market failure might worsen the situation. Provide an example of where government intervention does work and why that is so.
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