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Economics Lecture Ten (view source)

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2.  Explain why marginal revenue must be zero when total revenue is maximized.
 
2.  Explain why marginal revenue must be zero when total revenue is maximized.
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3.  What is your favorite question on the midterm exam that ''you answered incorrectly'', and why is it your favorite?
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3.  What is your favorite question on one of the quizzes that ''you answered incorrectly'', and why is it your favorite?
    
4.  Give an example of a positive externality, and an example of a negative externality.  The example does not have to be limited to a business.
 
4.  Give an example of a positive externality, and an example of a negative externality.  The example does not have to be limited to a business.
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===Honors===
 
===Honors===
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Answer 3 out of the following 4 questions:
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Answer 2 out of the following 3 questions:
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8.  Mathematically prove (or disprove!) the answer to the question on the midterm exam about P=30/Q.
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8.  Mathematically prove (or disprove!) the price elasticity of demand when the equation for demand is P=30/Q.
    
9.  Provide, in your own words, the best definition of "public good" that you can.
 
9.  Provide, in your own words, the best definition of "public good" that you can.
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10.  Find a question on the midterm that describes a situation that would be unusual in the real world, and explain why the scenario of the question is unrealistic.
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10.  Identify a concept in economics that you found difficult to understand at first, but then explain how you were able to eventually understand it.
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11.  Revisit the problem on the midterm about the price ceiling (with the graph), which asked how much the shortage would be.  Provide the correct answer and explain why.  (If you answered it correctly, then provide a similarly difficult substitute question for this.)
      
== References ==
 
== References ==
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