ECON-1020 Lecture Notes - Lecture 26: Derek Mason, Tim Corbin, Kevin Stallings
31 Mar 2016
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Only one consumer can consume the good at the same time. It is very difficult to prevent non paying consumers (or producers) from consuming (or producing) the good. Many consumers can consume the good at the same time. It is very difficult to exclude non paying consumers from consuming the good. Private goods: let markets wrok maintain competiton and identify external costs and benefits. Public goods: government produces or subsidizes private markets. Common goods: create means for charging for access, restrict entry into an area or resource, or allocate access. A different kind of market: the labor market. Of the following, whose salary is the highest: steve buckles, lauren benton, tim corbin, derek mason, kevin stallings, brett sweet, nick zeppos. Hire 1 new lawyer and produce 3 more cases per week. Hire 2 new lawyers and produce 5 more cases per week. Hire 3 new lawyers and produce 6 more cases per week.
