Micro_HW_2_-_Spring_2008 - Homework Assignment 2 Principles...

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Homework Assignment 2 Penn State ECON 002 Principles of Microeconomics             Clair Smith Name:  Matthew Fende LAST 4 DIGITS OF PSU ID:  7566     Due in class on Wednesday 3/5/2008  ECON 2 Section:  1 Directions:    Please type your name and section above, and responses  (in boldface type)  to  questions 1-6.  Print it out and turn in no later than class on Wednesday 3/5/2008.   You may  discuss these questions together in preparation, but you should ultimately draft your answers  individually.  You may draw the graph required for the last problem by hand after printing your  other answers.   1. “The party on whom a tax is initially levied” describes the  Legal  incidence of that tax.  2. The situation where no one owns a resource (like fish in the ocean) and no one has an  incentive to take care of or protect the long-term value of the resource (e.g. avoid overfishing) is 
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