The table above shows the marginal costs and marginal benefits of college education. With public provision of the efficient amount of college education, the cost paid by the taxpayers is

Econometrics can be defined as follows with the exception of

A) the science of testing economic theory. B) fitting mathematical economic models to real-world data. C) a set of tools used for forecasting future values of economic variables. D) measuring the height of economists.

Sally owns a beauty shop that generates a total revenue of $90,000 per year. She pays her employees a total of $45,000 . pays $10,000 for rent, insurance, and utilities; and pays $15,000 for beauty supplies such as hair spray and shampoo. Sally is glad to have the shop, because her next best alternative is to work as a cafeteria attendant for a salary of $8,000 a year. From this we can conclude

that Sally a. would earn more working at the cafeteria b. makes an economic profit of $20,000 c. makes an economic profit of $12,000 d. has total explicit costs of $78,000 e. has total implicit costs of $12,000