Economics 4450/6450 - Law and Economics
David B. Mustard
Exam Grades 

Midterm #1

1. Civil law vs. Common law: directly out of the class notes
    Wed. Aug. 19
    Table 1

2. Rent-seeking vs. Investment: directly out of the class notes
    Wed. Sep. 2 and Fri. Sep. 4

3. Property rights--all 3 subparts directly out of class notes and directly out of the text
    a. How are they protected? 
        Wed. Sep. 9
        Text pages 55-56
    b. How do you do you decide which to use? 
        Wed. Sep. 9 and Fri. Sep. 11   
        Text pages 55-56
    c. Relative benefits and costs of private and public property
        Wed. Sep. 2
        Text pages 36-47

4. Effect of legal change on policy outcome
    Notes: Mon. Aug. 31. Went over similar problems. 
    In economics be sure to consider how a change in policy affects BOTH sides of a problem--supply and demand, plaintiff and defendant, etc.

5. Education as externality
    Went through the exact opposite example (negative externality) in class
        Fri. Sep. 11
    This specific example is directly in the text 
        See pages 68-72, Figure 4.2 is an example of the exact figure you could draw. 
    If drawn correctly you can have different private and social supply curves (Fig. 4.2--supply shifts due to subsidy) or demand curves (benefits)

Midterm 1 Summary Statistics

    Minimum    20
    Median        39.5
    Maximum    49
    Number       38

Midterm #1 Course Grade Distribution

A         47+    (8 students)
A-        44-46
B+       43
B         40-42
B-        37-39
C+       34-36
C         31
C-        28
D         26
F          20-21

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Midterm #2

    Ask two questions: 1) What did I miss? 2) Why did I miss it?

1. Poultry Farm--Coasian application
    Class notes Fri Sep 18 and Mon Sep 21
    Reading: Text Chapter 5.
    Table 6

2. Copyright
    Class notes Mon Sep 28-Fri Oct 2
    Elements, elements, elements
    Everyone but 2 identified copyright; a few said copyright and then used TM elements;    

3. IP Comparison
    Class notes Mon Sep 28 and Mon Oct 12
    Text: Chap. 7, p. 155-157
    Social cost of monoly; ability to promote competition (no social loss)
    Some people wrote true things but did not make clear how these things answered the question--how we can explain differences in the length of time of protection.

4. Regulation
    Class notes Mon Sep 21 and Mon Sep 28
    Directly out of reading: Adler p. 29
    Baptist vs. Bootleggers; Clean vs. Dirty; Old vs. New

Midterm #2 Summary Statistics

    Minimum    27
    Median        40
    Maximum    49
    Number       33

Midterm #2 Course Grade Distribution
A         46+    (8 students)
A-        44-45
B+       41-43
B         40
B-        39
C+       37-38
C         36
C-        35
D         27

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Midterm #3

1. Moral Hazard and Risk
    Wed. Nov. 4 and Fri. Nov. 6

2. IP/Trade Secrets
    Fri. Oct. 16

3. Tort Case
    Wed. Oct. 21-Wed. Oct. 28
    d and e. Strict liability and comparative negligence
    Table 9

4. Advertising
    Fri. Oct. 16. 


Midterm 3 Summary Statistics

    Minimum     19
    Median         40
    Average        43
    Maximum     48
    Number        27

Midterm #3 Course Grade Distribution

A         46+
A-        44-45
B+       41-43
B         40
B-        38
C+       35
C         31
C-        27
D         21-24
F          19