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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 2q dollars 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 = 438-3P. Also, suppose there are 60 honey producers in the market. What is the equilibrium price of honey?

How much profit does an individual producer make in a month? Is this a long-run equilibrium? If the answer is yes, simply state that it is a long-run equilibrium. If the answer is no, describe whether or not the equilibrium price will rise or fall.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M938902

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