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Line 1: − + − 1. In your own words, try to give a better definition of "externalities" than provided by this Lecture. − 2. Explain why marginal revenue must be zero when total revenue is maximized. − 3. What is your favorite question on the midterm exam 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.+ − 5. Explain why private firms in the free market are unlikely to try to provide public goods. − 6. Review question: the cross-elasticity of A with respect to B is positive, and C with respect to D is negative. What is the relationship (complement or substitute?) of goods A and B with each other, and C and D with each other? Explain. − + + + + + + + + + + + + + + + + + + + + + +
Economics Homework Ten Answers - Student Three (view source)
Revision as of 14:52, November 19, 2009
, 14:52, November 19, 2009no edit summary
Anna M
'''''Anna M'''''
'''1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.'''
7. List the four factors of production and give a very brief explanation of each.
'''2. Explain why marginal revenue must be zero when total revenue is maximized.'''
'''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.'''
'''5. Explain why private firms in the free market are unlikely to try to provide public goods.'''
'''6. Review question: the cross-elasticity of A with respect to B is positive, and C with respect to D is negative. What is the relationship (complement or substitute?) of goods A and B with each other, and C and D with each other? Explain.'''
'''7. List the four factors of production and give a very brief explanation of each.'''