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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?
What are the factors that affect the supply and demand of that good or service. How do you expect the demand and supply of that good or service to change in the next year.
Compute the equilibrium price of guitars and the equilibrium quantity of guitars in State College.
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30. Explain how would you describe this industry.
Why are the Average Cost Curves U-shaped. What is the Law of Diminishing Returns. Discuss a company's two short run options.
For a product, at a price of $3, quantity demanded is 60 units and at a price of $5 quantity demanded is 40 units. Using midpoint formula, calculate value of price elasticity of demand.
Madelyn owns a small pottery factory. She can make 1,000 pieces of pottery every year also sell them.
The quantity of pizzas demanded soared the following week from 1 pie an hour to 100 pies an hour. Illustrate what was price elasticity of demand for Domino's pizza.
Illustrate what will happen to equilibrium price As a local cable company offers cheaper pay- per-view films, local movie theaters have more unfilled seats.
Assume the firm is operating in a high-wage country, where capital cost is $100 per unit per day and labor cost is $80 per worker per day. For each level of output, elucidate which technology is cheapest.
Illustrate what is the level of consumption at the equilibrium level of income.
How much Wyandotte have to decrease the price of polyol to attain a 15% increase in the quantity sold.
England can produce 50 units of wine if it produces no cloth, and 100 units of cloth if it produces no wine. Using this information, we can conclude that.
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