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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?
Why would your company have bid with a zero mark-up on some past tenders? Why didn’t it win all of those contracts?
what is the marginal utility of X? If a consumer moves downward along an indifference curve, what happens to the marginal utilities of X and Y? What happens to the MRS?
The last printer added 20 books to total output, while the last press added 1,000 books to total output. Is the publishing house making the optimal input choice.
The world becomes a single market, some new approach must be developed to control the reach of the corporate oligopolies.
Calculate the percentage change in nominal GDP, real GDP, and the GDP deáator in 2006 and 2007 from the preceding year. For each year, identify the variable that does not change. Explain in words why your answer makes sense.
Assume the current market price of candles is such that there is a surplus.
Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them also staff them with employees.
For several months before your vacation trip to Germany you find out the exchange rate for the peso has increased relative to the euro.
Assume that you live in a simple economy in which only three goods are produced and traded.
What will happen to equilibrium price of new textbooks if more students attend college, paper becomes cheaper, textbook authors accept lower royalties and fewer used textbooks are sold.
Assuming the ABC bank has excess reserves of %5,000, it could prudently expand its loans by a maximum
Calculate the coefficient of price elasticity (midpoints approach) for Goldsboro's supply. Is its supply elastic, or is it inelastic.
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