The average total cost of production is measured by
a. average variable cost + average fixed cost
b. fixed cost + variable cost
c. average variable cost – average fixed cost
d. marginal cost + variable cost
e. fixed cost + marginal cost
A
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Tradable emissions permits:
a. provide polluters with an incentive to take the marginal social cost of pollution into account. b. are a form of subsidy. c. give consumers an incentive to buy from environmental-friendly firms. d. are a type of transaction cost.
You are the new vice president in charge of advertising at Taco Bell. In your upcoming advertising campaign, you plan to degrade the fast food competitor whose product is the closest substitute for Taco Bell's tacos
That would be the fast food chain whose cross elasticity of demand with your tacos is equal to A) negative 2.11. B) negative 1.75. C) positive 1.55. D) positive 1.00.