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HoneyBee Farms, a medium size manufacturer of honey, operates in market that fits competitive market definition relatively well. However, honey farmers are assisted by support prices above the price that would prevail in the absence of controls. The owner of HoneyBee Farms, as well as some other honey producers, complain that they can't make a profit even with these support prices. Explain why. Explain why even higher support prices would not help honey farmers in the long run.
The New York City Parks Department doubled the annual fee for the hot-dog pushcart that had the exclusive license for the spot just south of the Metropolitan Museum of Art to $288,000. Why would anyone pay almost $300,000 for a pushcart license? Who is obtaining the economic rent for the obviously lucrative pushcart location? How much economic profit is the pushcart owner probably earning?
An industry is composed of 20 firms, all with equal sales. The Herfendahl Index ratio in this industry is a. 1000 b. 500 c. 800 d. This cannot be determined from the information given.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Management at the Johnston Corporation estimates a demand function for its lawnmower line to be:Explain the coefficients of each explanatory variable.
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
Draw the production possibilities curve for time. On one axis put sleep time and on the other put awake time. You have 24 hours available in a given day. Indicate the combination that describes your allocation today.
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
What is the Marginal Rate of Transformation between sugar and tea?
Speedy delivery is the package carrier which serves the Midwest It specializes in the delivery of auto parts to independent auto repair shops. It competes against very large firms like FedEx, UPS, and US Postal.
Explain a political, economic, or social interaction of decision makers that you have heard about in words. The condition should involve decision makers, available actions
Suppose labor costs are 17.5 percent of revenue per vehicle for General Motors. In union negotiations during the late 1990s, GM attempted to cut its workforce to rise productivity.
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