The Number of Students at a Local University Increased from 2,500

question 113

Multiple Choice

The number of students at a local university increased from 2,500 students 5000 students in 10 years. Based on a geometric mean, the university grew at an average percentage rate of

• A) 2,500 students per year
• B) 1.071 students per year
• C) 7.1 percent per year
• D) 250 students per year
• E) Cannot be determined

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning no one can be effectively excluded from use and use by one does not reduce availability to others.

Optimal Quantity

The amount of a good or service that yields the highest net benefit to producers and consumers, considering costs and benefits.

Marginal Benefit

The surplus happiness or utility experienced from using an extra unit of any good or service.

Public Good

A public good is a good that is non-excludable and non-rivalrous, meaning it can be used by everyone freely without depleting its availability to others.