Economics Homework Ten Answers - Student Three

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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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