Assume that there is no way to prevent someone from using an interstate highway, regardless of whether or not he or she helps pay for it. This characteristic is associated with <u>Public goods</u>
Explanation:
Public goods are also known as non-exclusionary goods. This means that no one can be left out from the collective use of the goods for not paying to use it. These goods are meant for collective good. Some of the examples include roads, health, parks to name a few.
An Interstate highway maintained by a state authority is open for all its citizen. Since there is no way a state can prevent anyone from using it based on their payment it qualifies for the characteristic of being a public good.
Answer:
In economics, the marginal cost of production is the change in total production cost that comes from making or producing one additional unit. To calculate marginal cost, divide the change in production costs by the change in quantity.
Answer:
A business can improve its average contribution ratio and its overall profitability, by shifting its sales mix to include more products with high contribution margin ratios.
In this case American steel company shift in product mix is due to a higher proportion of export sales. This shift caused to decline net income of the company. This is because the contribution margin ratio on export sales may lower than the other product mix. So, the shift of product mix to low contribution sales will cause to decline the net income.
Answer:
a. supply of oranges will increase and the price of oranges will fall.
Explanation:
The crop will have impact on the producer of oranges, their field will have a better yields so, more orange supply. The supplier fixed cost will be distribute among more orange thus, her average cost will be lower.
If the cost is lower, then the price will decrease as well. This will generate an equilibrium cost at more quantity with a lower price.
