Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. Which of the following goods is nonrival in consumption and excludable? a. Grand Canyon National Park on a rainy, cool day b. Disney

 

2. Which of the following goods is nonrival in consumption and excludable? a. Grand Canyon National Park on a rainy, cool day b. Disney World on a rainy, cool day c. a crowded public beach on a sunny, warm day d. White Mountain ski resort on a sunny, mild day 3. Which of the following goods is excludable but not rival in consumption? a. a noncongested toll road b. fire protection in a small town c. a tornado siren d. whales in the ocean 4. Answer the following questions given the short-run cost information (in $) in the table below. Q 0 1 2 3 45 6 TC 10 15 18 22 30 40 55 FC VC MC ATC 1) What are fixed costs for this firm and why? 2) Fill in the VC, MC, ATC, AVC and AFV columns. AVC AFC

Step by Step Solution

3.45 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

2b disney world in a rainy cool day willbe excludable because peop... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Economics

Authors: R. Glenn Hubbard

6th edition

978-0134797731, 134797736, 978-0134106243

More Books

Students also viewed these Economics questions

Question

=+b) What if those two probabilities are reversed?

Answered: 1 week ago

Question

Write a paper about medication error system 2016.

Answered: 1 week ago

Question

Explain why the long-run aggregate supply curve is vertical.

Answered: 1 week ago