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Suppose honey is produced in beehive using bees and sugar. Each honey producer uses one beehive which she rents for $1/month. Producing q gallons of honey requires spending q dollars on bees and q^2 on sugar.
1. What is the Total cost of producing q units of honey for an individual honey producer?
2. What is the Average cost of producing q units of honey per/month for an individual producer?
3.In general if the toal cost of producing honey is a+bq+cq^2 then the Marginal cost of producing honey is b+2cq. Assuming each honey producer operates as a price taker what is the supple curve for an individual producer?
4. 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.Determine the expression for the market supply curve.
5. Suppose the demand for honey is Q=45-p. ALso there are 20 producers inthe market. What is the equilibrium price for honey.
6 How much profit does and individual producer make? and is this a long run equilibrium?
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