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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 $20/month. Producing q gallons of honey in one month requires spending 5q dollars on bees, and 4q^2 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=512-4P. Also, suppose there are 50 honey producers in the market. What is the equilibrium price of honey? How much profit does an individual producer make in a month?
the quantity supplied of the Real GDP in the long run is $4.3 trillion. Evalute is the economy in short run equuilibrium. Will the price in long run equilibrium be greater than, of less than, or equal to 132.
Suppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Who should specialize in gathering nuts? Monk or Chip? both? or neither?
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.
Arrival rate of customers and processing times of customers each have a coefficient of variation = 1.0. On average, how many customers are standing lines.
What happen if the marginal product of labor is 23, is the firm minimizing cost. What happen if the marginal product of labor is 21, is the firm minimizing cost.
Elucidate how do you find the angle of the ray the isoquants are on. One more unit of capital does the firm no good. Draw the isoquants for this production function.
Providing a subsidy to correct for an overallocation of resources Providing a subsidy to correct for an underallocation of resources.
A company estimates its annual expenses, Y, in dollars from Y = 0.235X^2+7X+4 and annual revenue in dollars from 0.215X ^2+ 16X where X is annual units sold. Find the value of X that gives maximum profit. Round to nearest integer
A "run on gasoline" occurs when consumers' fears of gas shortages in the future lead them to demand more gasoline now. Using supply and demand analysis, which of the following is consistent with this situation.
Dependency theory characterizes countries as being either in the center or on the periphery
What point on the graph is most likely to result from the introduction of technological improvements in bicycle assembly, and successful publicity campaigns by the government on the virtues of bicycling to work.
Based on your research, write summary on what you have learned about this country & apposes economy
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