Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Every farmer in the perfectly competitive market for almonds have the same long run cost function, where q is pounds of almonds: C = 10q

image text in transcribed
Every farmer in the perfectly competitive market for almonds have the same long run cost function, where q is pounds of almonds: C = 10q - 2q2+(1/6)q3 (A) What is the market price for almonds per pound? (B) What is the number of farms in the market if demand is 10,000 pounds of almonds? (C) If there is a shortage of bees to pollinate the almond trees, what will happen to the supply of almonds, the number of firms and firm profits in the short run? (just explain - no specific numbers needed)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Econometric Analysis

Authors: William H. Greene

5th Edition

130661899, 978-0130661890

More Books

Students also viewed these Economics questions

Question

Is the highest bid necessarily the best bid? Explain your answer.

Answered: 1 week ago