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You are the manager of College Computers, a manufacturer of customized computers that meet the specifications required by the local university. Over 90 percent 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 = 1,000 - 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 adjustment should you anticipate? Explain.
Assume that software purchases by businesses are treated as expenses, as they were before November 1999. Calculate GDP using three different approaches: expenditure approach, income approach, and product approach.
Write down the effect on the real wage and hours worked in the short run.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
Estimate the linear trend in the data, and use it to forecast gasoline sales in the United States in each quarter of 1990.
Explain how the distinction between expected and unexpected inflation is important to the distributional effects of inflation.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
Show that the government can achieve the social optimum by setting the correct tax prices a, b, and c. What prices should it set?
Compute the level of GDP per capita in each country measured in local currency. Compute the marker exchange rate between the currencies of two countries.
What is the marginal propensity to consume. What is the slope of the consumption function (you should give a numerical answer, not a formula)?
Ms. Fogg is planning a trip where she plans to spend $10,000-What is the maximum amount that Ms. Fogg is willing to pay to insure the $1,000?
Use the data below to find out the growth of income per person (over the entire period, not an annual basis) between the two years listed.
What are the firm's fixed costs? What is the firm's marginal cost? Now suppose other firms in the market sell the product at a price of $10.
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