If You Attended a Public High School, You Have Received

question 34

Multiple Choice

If you attended a public high school, you have received ________ because the government has provided ________.

• A) the benefit of a negative tax; you with an education without having to pay taxes
• B) a utilitarian benefit; an education to help promote equality
• C) a subsidised service; a service at below the cost of its production
• D) a subsidised service; you with a free education using a negative income tax
• E) a grant; you with a free education

Calculate total fixed costs from given average total and average variable costs.

Understand the concept of marginal cost and its relationship with average costs.

Identify the conditions under which average variable and total costs increase or decrease.

Determine the output level that minimizes average variable costs.

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Definitions:

Economically

Pertaining to the management, production, and distribution of goods and services in a financial context.

Doubling Time

The period it takes for a quantity to double in size or value, often used in demography to describe the rate of population growth.

Population Growth

The increase in the number of individuals in a population, often measured by the rate at which the population is increasing.

Birth Rates

The number of live births per thousand of the population per year.