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Old 12-12-2012, 10:37 PM   #541
troyh
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Quote:
Originally Posted by jerrodm

OK, I just didn't think you wanted a big soliloquy about how under monopoly conditions the equilibrium point is reached where marginal revenue is equal to marginal cost, and price is a function of demand but not supply...do you want me to attach graphs and show why this is the case?
.
You have it backwards. Under a monopoly, marginal cost is not equal to price, monopolies can charge much higher prices. You mean the opposite of a monopoly: a commodity.

So your theory is that there is a situation where supply doesn't affect the price. So it wouldn't matter if only one bottle of Pliny the Elder was produced per year or if the supply was so high that bottles of it were falling from the sky. People would pay the exact same price for it in both cases because the manufacturing costs are the same? Please show me your graphs that prove this.

 
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Old 12-12-2012, 10:40 PM   #542
thaworm69
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This was on a major question answering site. I like the "Tip" at the end!

Best Answer - Chosen by Asker
A "quarter barrel" or Pony Keg is about 7.5 US gallons (Pony kegs are half the normal sized beer keg and a quarter of a barrel), and will provide approximately 80 12 oz. glasses or beer mug of your favorite beer.
FYI:
A Keg is a small cask o barrel with a capacity of about 31 US gallons (117 litters), a keg is also known as a "Full Keg" or Barrel.
A half keg or half barrel is 15.5 US gallons , this container is the normal size of a beer keg and will provide approximately 160 12 oz. glasses or beer mug of your favorite beer.
Tip: Don't buy a half-barrel unless you're having 150-200 people and know that, at least half of them are beer drinkers!

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Old 12-12-2012, 10:42 PM   #543
TyTanium
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Quote:
Originally Posted by jerrodm View Post
I do this for a living, and I love it.
Ditto! I'm loving it. Thank you for posting good economics. It's a scarce asset these days.

Quote:
Originally Posted by troyh View Post
...if only one bottle of Pliny the Elder was produced per year or if the supply was so high that bottles of it were falling from the sky. People would pay the exact same price for it in both cases because the manufacturing costs are the same? Please show me your graphs that prove this.
If only 1 bottle were produced, you'd have a scarce asset which would earn economic profit.
Economic profit attracts entrants...then more than 1 bottle is produced until economic profit goes to 0.
That point, in competitive market is P=MC
Brewers won't produce if P<MC, and if P>MC new entrants come until until P=MC

If P<>long run avg cost, then it's a) bankrupt or b) market power/monopoly

Sure, demand moves price in the short run, but in the long-term prices are a function of production costs.

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Old 12-12-2012, 10:44 PM   #544
jerrodm
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Quote:
Originally Posted by troyh View Post
You have it backwards. Under a monopoly, marginal cost is not equal to price, monopolies can charge much higher prices. You mean the opposite of a monopoly: a commodity.

So your theory is that there is a situation where supply doesn't affect the price. So it wouldn't matter if only one bottle of Pliny the Elder was produced per year or if the supply was so high that bottles of it were falling from the sky. People would pay the exact same price for it in both cases because the manufacturing costs are the same? Please show me your graphs that prove this.
Listen, re-read the post you quoted me on: I never said that in a monopoly marginal cost is equal to price, I said marginal cost is equal to marginal revenue. Absolutely monopolies charge prices that are higher than marginal cost, which is one reason that we don't like them.

Not only is this whole conversation really off-topic, I'm sure it's bumming everyone else out. I'm happy to PM you with all kinds of discussion on microeconomic theory, let me know if you'd like to continue that way.

Either way, I think I'll call it quits on here so we can all go back to laughing at those who don't know a roggenbier from a RIS.
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For they garner the succulent berries of the hop and mass and sift and bruise and brew them and they mix therewith sour juices and bring the must to the sacred fire and cease not night or day from their toil, those cunning brothers, lords of the vat. -James Joyce

On deck: Orange Cranberry Wit, Dusseldorf Altbier
Primary: Belgian Partigyle Tripel/Saison, 1/1
Secondary: none
Bottles: Northern Brown Ale, 1/10; English IPA, 12/31; Cider, 12/9; White House Honey Ale AG, 12/9;

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Old 12-12-2012, 10:46 PM   #545
jerrodm
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Quote:
Originally Posted by TyTanium View Post
Ditto! I'm loving it. Thank you for posting good economics. It's a scarce asset these days.
Cheers mate! I don't often get to expound on my own area of expertise on the brew forums, hard to pass up the opportunity when it presents itself. If only I were a chemist, or an electrical engineer--those guys have all the fun on this site!
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For they garner the succulent berries of the hop and mass and sift and bruise and brew them and they mix therewith sour juices and bring the must to the sacred fire and cease not night or day from their toil, those cunning brothers, lords of the vat. -James Joyce

On deck: Orange Cranberry Wit, Dusseldorf Altbier
Primary: Belgian Partigyle Tripel/Saison, 1/1
Secondary: none
Bottles: Northern Brown Ale, 1/10; English IPA, 12/31; Cider, 12/9; White House Honey Ale AG, 12/9;

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Old 12-12-2012, 10:48 PM   #546
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Dammit college made me take economics I come here for fun. Hey what do you call someone that is good at math and nothing else in college? An economics major. Ba-zing.

 
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Old 12-12-2012, 10:51 PM   #547
jerrodm
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Ouch. Unfortunately it's worse than that. Economists are mostly mathematicians who couldn't cut it in number theory...

On a more serious note, everyone looking for more sober, well-thought out discussion of issues pertinent to homebrewing should really read this thread.

You're welcome.
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For they garner the succulent berries of the hop and mass and sift and bruise and brew them and they mix therewith sour juices and bring the must to the sacred fire and cease not night or day from their toil, those cunning brothers, lords of the vat. -James Joyce

On deck: Orange Cranberry Wit, Dusseldorf Altbier
Primary: Belgian Partigyle Tripel/Saison, 1/1
Secondary: none
Bottles: Northern Brown Ale, 1/10; English IPA, 12/31; Cider, 12/9; White House Honey Ale AG, 12/9;

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Old 12-12-2012, 10:51 PM   #548
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Quote:
Originally Posted by thaworm69 View Post
Tip: Don't buy a half-barrel unless you're having 150-200 people and know that, at least half of them are beer drinkers!
Or have a CO2 setup and really like the beer. With the old pump taps it will be oxidized terribly within the week

 
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Old 12-12-2012, 11:32 PM   #549
Hamsterbite
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EPIC ECONOMIST RAP BATTLES OF HISTORY!!!
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Bottled and Ready: Hop in the Dark, Raison Detre, Hoppy Saison

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Old 12-12-2012, 11:44 PM   #550
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Quote:
Originally Posted by Hamsterbite View Post
EPIC ECONOMIST RAP BATTLES OF HISTORY!!!
KEYNES...versus....SMITH. FIGHT.

I would totally listen to that...
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