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2008_02_21_Notes

2008_02_21_Notes - UP FRONT Reminder Problem set 2 due...

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UP FRONT, 2-21-08 Reminder: Problem set 2 due Tuesday Keep an eye out for an email announcing reading for next time. If you have worked with the problem set 1 solutions and still don’t understand something, feel free to ask John or me. Let’s try something: If you don’t follow, raise your hand. Worked well in a class I took. Outline for Today 1) What is the surplus-maximizing emission fee on a monopolist producer of a good? (continued) 2) Optimization: 1-variable and multi-variable cases
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3) Efficient emissions from each source when there are multiple sources and receptors
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Optimization: Single-variable and multi-variable cases Recall that the maximum value of a function is achieved at a critical point or at a boundary point, if the maximum value exists. (1-variable examples), (two-variable examples) If there is an interior solution, it is at a critical point. The first-order condition or conditions identify the critical points.
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