Explain production
What will be an ideal response?
Answer: Production in factories is carried out in batches, where each batch is an integer number of drums set by you. The cost to produce one batch equals $1500 plus the number of drums in the batch times $1000. For example, the cost to produce a batch of 10 drums is $1500 + (10)$1000= $11,500
Economics
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A chief criticism of adaptive expectations is that
A) it assumes people ignore information that would be useful in making forecasts B) people have a hard time adapting C) it doesn't rely on technical analysis D) it violates the efficient markets hypothesis
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The price index in the base year always equals_____
a. 0 b. 10 c. 100 d. 1 e. 0.01
Economics