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Suppose you are the manager of College computers, a producer of customized computers that meet specifications needed through the local university. Over 90% of your clientele consists of college students. College Computers is not the only firm that builds computers to meet this university's specifications; indeed, it competes with many manufacturers online and through traditional retail outlets. To attract its large student clientele, College Computers runs a weekly ad in the student paper advertising its 'free service after the sale" policy in an attempt to differentiate itself from the competition. The weekly demand for computers produced by College Computers is given by Q=1000 -P and its weekly cost of producing computers is C(Q) = 2,000 +Q2. If other firms in the industry sell PCs at $600, what price and quantity of computers should you produce to maximize your firm's profits? What long run adjustments should you anticipate? Explain?
What is the shutdown point? Give an example. How is the short-run defined in the production process? Please provide references if applicable.
Assume you are an aid to a government official planning on some recently proposed excise tax on welfare of her constituents.
Suppose demand function has changed t0o Qd2 = 14-P. Find the new equilibrium price and quantity?
Describe why a Keynesian approach to managing the macro economy might be appropriate while, at another point in time, a classical approach might be more likely to produce a superior outcome.
If a representative firm with total cost given by TC = 20 + 20q + 5q2 operates in a competitive industry where the short-run market demand and supply curves are given by QD = 1,400 - 40P and QS = -400 + 20P, the number of firms operating in the sh..
We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
Consider the price-taking firm in competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
Compute the weighted average cost of capital using book value weights. Compute the weighted average cost of capital using market value weights. Compare the answers obtained in parts a and b. Describe the differences.
Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
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