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
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Industrialization and urbanization in the U.S. occurred simultaneously between 1860 and 1910
Indicate whether the statement is true or false
The price elasticity of demand for a monopolist's product depends on
A) the number and similarity of substitutes. B) the ATC of the item it produces. C) the AVC of the item it produces. D) the MC of the item it produces.
Travel Expert is a corporation that specializes in selling vacation packages in Transylvania and Stansylvania. There are a fixed number of shares of Travel Expert's stock available to the public. If the two countries go to war, making it much more dangerous to travel there, what will most likely happen to the Travel Expert's share price and the number of shares outstanding?
a. Price will fall; number of shares will fall. b. Price will fall; number of shares will rise. c. Price will rise; number of shares will remain the same. d. Price will remain the same; number of shares will fall. e. Price will fall; number of shares will remain the same.
AT&T argued that the merger with T-Mobile should be approved by the Justice Department because
A. There are many wireless providers available for consumer. B. AT&T will gain additional wireless towers from T-Mobile. C. It will result in higher prices for consumers. D. The merger will lead to efficiencies because a larger firm can enjoy economies of scale and can keep prices low.