https://padlet.com/jasonx7217/78rdgu2g5e0p Made with good vibes en-us 2018-10-24 10:21:28 UTC 2025-09-26 07:17:45 UTC hello@padlet.com jasonx7217 https://padlet.com/jasonx7217/78rdgu2g5e0p/wish/354832499 -***MSB=MSC***, socially optimal point
-Externality: positive and negative (negative cause market failure) consequence that affects a third party, fix to reach socially optimal point
-Negative, government can tax or regulate
-Positive, government can subsidize
-Coarse theorem-government intervention on externalities is not necessary when transaction costs are low and legal rights of parties are defined, will be able to "bargain" to solve the externality
-Gini coefficient - measures inequality, closer to 0, more equality
Lorenz Curve- shows income inequality, A/A+B to calculate Gini coefficient
-Rival in consumption - good cannot serve more than one person without quality degrading
-Non-rival in consumption: multiple people can use without degrading quality
-Excludable-people who don't pay can't use it, not free
-Non-excludable : free goods
-Free rider-don't pay and use non-excludable (free) goods
-Excludable+Rival goods are private goods
-Monopolies charge higher price and produce less compared to perfect competition
-Economies of scale support a natural monopoly
-MR=MC




]]> 2019-04-28 23:14:38 UTC https://padlet.com/jasonx7217/78rdgu2g5e0p/wish/354832499 jasonx7217 https://padlet.com/jasonx7217/78rdgu2g5e0p/wish/354860279 2019-04-29 02:08:33 UTC https://padlet.com/jasonx7217/78rdgu2g5e0p/wish/354860279 jasonx7217 https://padlet.com/jasonx7217/78rdgu2g5e0p/wish/354860937 2019-04-29 02:12:12 UTC https://padlet.com/jasonx7217/78rdgu2g5e0p/wish/354860937