Everything you need to know about EXTERNALITIES- Micro Unit 6
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- Опубликовано: 18 апр 2023
- Your teacher of professors is going to ask you to draw externalities, including the socially optimal quantity and deadweight loss. The might even require you to draw both types: a consumption externality and a production externality.
Here are three rules that will help you.
1. Consumption externalities always have two benefit curves (MSB and MPB). Production externalities have two cost curves (MSC and MPC).
2. Negative externalities always produce too much and positive externalities always produce too little.
3. Deadweight loss points left for negative externalities and right for positive externalities.
Need more help? Check out my Ultimate Review Packet:
www.ultimatereviewpacket.com/...
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Thank you Mr Clifford, I just took a mock yesterday with this concept at work and I had ended up with a negative production graph instead of negative consumption one. I am studying for the AP solely through the Ultimate Review Packet and your videos. It's simply amazing that I can get 5 in the mocks with ease, the content is so efficiently and effectively put together. Thank you for this.
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What is the meaning of the externalities??
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AP Micro changed their standards. This stuff is all stuff I have never seen. Then again, I only took macro, but still, this was something I’ve never seen when I read my textbook.
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