Twenty years ago, Dr. Montgomery borrowed money from her parents to pay her tuition at graduate school. Now she wants to pay them back. She gives them double what they gave her. According to the rule of 70, what interest rate would have given her parents the same amount of money if they had put it in the bank rather than lending it to their daughter?

Average total cost is equal to average variable cost minus average fixed cost

Indicate whether the statement is true or false

The opportunity cost to a city for using local tax revenues to construct a new park is the:

a. best alternative foregone by building the park. b. dollar cost of constructing the new park. c. dollar cost of the old park. d. increased taxes necessary to pay for maintenance of the new park.