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Public and Private Goods: What are they and how do they contribute to society?
Final Project Link- https://sites.google.com/site/microeconomicsreview/public-and-private
Essential QuestionsHow do you distinguish between a public and a private cost?How does a change in tax policy impact the supply curve, equilibrium price and equilibrium quantity?How do per unit taxes and lump sum taxes impact the marginal cost and average total cost curves?How should the government monitor social costs and social benefits?Key Concepts-
Public Goods
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Private Goods
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Free Riders
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Income Redistribution- relate to the Lorenz Curve
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Income Tax
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Progressive, Proportional, Regressive
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Excise Taxes
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Subsidy (Negative Tax)
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Per Unit Tax
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Lump Sum Tax
Notes and Power PointsFormer FRQs on the AP ExamHelpful Websites -
Last Modified on January 22, 2018