At an output of 1,000 units per year, a firm's variable costs are $5,000 and its average fixed costs are $3. Its total costs per year are:
A. $10,000
B. $8,000
C. $6,000
D. $5,000
B. $8,000
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Because of the positive externality of vaccinations, economic efficiency would be improved
A) if more people were vaccinated. B) only if no people were vaccinated. C) only if all people were vaccinated. D) if fewer people were vaccinated.
In order to explain the relative sizes of families in urban versus rural environments, some economists viewed children as investment or durable consumptions goods, respectively
Indicate whether the statement is true or false
How does the self-correcting mechanism act to pull the economy out of a recession?
Each year around July 4 the town of Flagston has a controversy over how big a fireworks display they should have on the holiday. The three citizens have the demand functions for fireworks that are shown here. The cost per firecracker is $18. Elmer has the demand function P = 20 - Q. Ethel's demand equation is P = 12 - .6Q, and Edith has the demand P = 8 - .4Q.What is the total community demand equation for the fireworks display?
What will be an ideal response?