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A farmer keeps beehives and sells 250 quarts of honey per month. The honey market is perfectly competitive, and the price of a quart of honey is $15. The farmer has an average variable cost of $5 and an average fixed cost of $3. At 250 quarts per month, the marginal cost is $10. a. Is the farmer maximizing his profit? If not, what should the farmer do? [1. Calculate the farmer's total revenue, total cost, and total economic profit or economic loss when he produces 250 quarts of honey. Explain and show mathematical work to receive full points. Price and cost {dollars} MR? 90 IN ll Il l3ll Quantity (units) The above figure is the demand and suppl'glF for a firm in monopolistic competition. [Show mathematical work whenever possible to receive full credit}. 1. The firm wants to maximize the profit. How manv units should the firm produce and sell? ll'll'hv? 2. How much is the price for each unit? 3. How much is the cost per unit at the profit maximizing quantitv? 4. How much is the economic profit? 5. Is the firm operating in the short run or long run, wh'v? W (pm-t) 20 20 15 10 1n 3 E \ mumuhmmp 'F 5 5 The above table shows the market share of 9 firms in an industry. Answer the following questions and show mathematical work to receive points. Calculate the Four-firm concentration ratio, what kind of market structure is indicated by the Four-firm ratio? Calculate the HHI for the industry, what kind of market structure is indicated by the HHI? What would you say about the market structure of this industry with both the indicators that you calculated? Cumulative percent of income Percent of Household percent Average income $ , Income Lowest 20 percent 10,000 Second 20 percent 26,000 Third 20 percent 38,000 Fourth 20 percent 55,000 Highest 20 percent 140,000 The table above gives the average income received by each 20 percent group of households. Complete the table by finding the percentage of income earned by each group and the cumulative percentage of income. Show computation work of your findings. In terms of the Lorenz Curve, what would you say about the income gap and incomes distribution of this population with the concept of economic inequality