lecture 8 accidental double

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12 Terms

1
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What is an externality

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2
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What are the two types of externalities

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3
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What is the key issue

The price system fails to capture external costs or benefits

  • competative markets become inefficient

4
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<p>How would you interpret this example</p>

How would you interpret this example

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5
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<p>What are the profit equations for these two firms</p>

What are the profit equations for these two firms

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6
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How would you maximise firm 1s profit

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7
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How would you find the social optimal output

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8
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How would you sole the problem using a pigouvian tax

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9
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What is the problem with the pigouvian tax

10
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12
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