Suppose honey is produced in beehive using bees and sugar. Each honey producer uses one beehive whi… Show more Suppose honey is produced in beehive using bees and sugar. Each honey producer uses one beehive which she rents for $1/month. Producing q gallons of honey requires spending q dollars on bees and q^2 on sugar. 1. What is the Total cost of producing q units of honey for an individual honey producer? 2. What is the Average cost of producing q units of honey per/month for an individual producer? 3.In general if the toal cost of producing honey is a+bq+cq^2 then the Marginal cost of producing honey is b+2cq. Assuming each honey producer operates as a price taker what is the supple curve for an individual producer? 4. 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.Determine the expression for the market supply curve. 5. Suppose the demand for honey is Q=45-p. ALso there are 20 producers inthe market. What is the equilibrium price for honey. 6 How much profit does and individual producer make? and is this a long run equilibrium? • Show less