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Economics Lecture Ten (view source)

Revision as of 03:06, November 11, 2009

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3. Question about shortage due to price ceiling.

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4. ~~Question about externalities~~.

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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. ~~Question about~~ public ~~good~~?

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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.

===Honors===

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7. Mathematically prove (or disprove!) the answer to the question on the midterm exam about P=30/Q.

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8. ~~Review question: price discrimination?~~

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