Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are measured in dollars. For any given volume, D, your neighbor's benefit is B = 0.63D - 0.002D2 and your cost is C = 0.06D + 0.001D2. What is the marginal cost to you at the socially efficient noise level?
A. $0.75
B. $0.29
C. $0.24
D. $0.25
D. $0.25
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________ is concerned with the distribution of resources across society
A) Social surplus B) Equity C) Efficiency D) Utility
The demand for a product is the amount that
a. buyers purchase in the market b. buyers are willing to purchase at a given price c. sellers are willing to sell at a particular price d. buyers are willing and able to purchase at alternative prices e. buyers are able to purchase at a specific price
Over the past two decades, the rate of growth of public education spending has been
a. considerably higher than the rate of growth of GDP b. slightly higher than the rate of growth of GDP c. the same as the rate of growth of GDP d. considerably lower than the rate of growth of GDP e. slightly lower than the rate of growth of GDP
Something that induces a person to act is called
a. a trade-off. b. a policy. c. an incentive. d. an opportunity cost.