Difference between revisions of "Economics Homework Ten Answers - Student Three"

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(Created page with 'Anna M 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 ...')
 
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Anna M
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'''''Anna M'''''
  
  
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1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.
 
  
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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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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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'''1. In your own words, try to give a better definition of "externalities" than provided by this Lecture.'''
  
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5. Explain why private firms in the free market are unlikely to try to provide public goods.
 
  
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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.
 
  
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7. List the four factors of production and give a very brief explanation of each.
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'''2. Explain why marginal revenue must be zero when total revenue is maximized.'''
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'''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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'''5. Explain why private firms in the free market are unlikely to try to provide public goods.'''
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'''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.'''
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'''7. List the four factors of production and give a very brief explanation of each.'''

Revision as of 14:52, November 19, 2009

Anna M



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.



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.

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