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Economics Lecture Ten (view source)

Revision as of 23:18, November 11, 2009

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2. Explain why marginal revenue must be zero when total revenue is maximized.

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3. ~~Revisit the problem~~ on the midterm ~~about the price ceiling~~, ~~which asked how much the shortage would be. Provide the correct answer~~ and ~~explain~~ why.

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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.

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9. Find a question on the midterm that describes an unusual situation in the real world, and explain why the scenario of the question is unrealistic.

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10. ~~What was your favorite question~~ on the ~~exam that you missed~~, and why ~~is your favorite?~~

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10. 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 for this.)

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