Explain the relationship between marginal cost and average variable cost
What will be an ideal response?
If MC is less than AVC, then AVC is decreasing. If MC is greater than AVC, then AVC is increasing. If MC = AVC, then AVC is minimized.
Economics
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In the 1960 nations could be divided into three distinct groups. Discuss these three groups and offer examples of countries that fit into each of these categories
What will be an ideal response?
Economics
What makes a tax "efficient"? Describe the efficiency properties of a lump sum tax
Under what conditions might a regular unit tax approximate a lump-sum tax? List one trade-off facing policymakers in attempting to minimized the excess burden of taxation.
Economics