Solve
-In a State with a Population of 5,000,000 People $\$ 30 \times 10 ^ { 11 }$

question 105

Multiple Choice

Solve.
-In a state with a population of 5,000,000 people, the average citizen spends $6,000 on housing each year. What is the total spent on housing for the state? Write your answer in scientific notation.

• A) \(\$ 30 \times 10 ^ { 11 }\)
• B) \(\$ 3 \times 10 ^ { 10 }\)
• C) \(\$ 30 \times 10 ^ { 10 }\)
• D) \(\$ 3 \times 10 ^ { 9 }\)

Grasp the role and impact of government regulation in achieving environmental objectives through emissions permits and taxes.

Recognize the challenges in setting up and implementing tradable emissions permits and emissions taxes.

Understand external benefits in the context of environmental economics and the impact on market outcomes without regulation.

Understand the concept of externalities and how they impact social welfare.

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Definitions:

Marginal Cost

The increased cost incurred from making one more unit of a product or service.

Average Total Cost

The total cost divided by the quantity of output produced, representing the average cost per unit of output.

Short-Run Supply Curve

A graphical representation showing the quantity of a good or service that producers are willing and able to sell at different prices over a short period, holding other factors constant.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one more unit of a good changes as the production volume changes.