1. Apart from wrong or missing definitions (a mere example or mentioning some related concept likely isn't enough) - Did you have an example contradictory with your definition? - Were you able to pin down economic definition with little wiggle room for interpertations? - Did you have multiple economic definitions? You had only one try. - In economic definition, a) Did you mention tradeoffs between different agents' utility? Did you restrict yout attention to competitive market? b) Did you mention also payoffs and not just probabilities? c) Did you have an example good that was not an (economics) public good? d) Did you have a word about surpluses and the aggregate nature of economic welfare? 2. - In every subsection, did you elaborate the effects (up/down) on both equilibrium price and quantity? - Did you elaborate how elasticity affects the relative changes is price and quantity? - Did you use supply/demand and quantity interchangeably? - Did you provide additional, redundant explanation that wasn't 100% correct? - Did you provide a verbose explanation that could've essentially been abstracted into one up/down arrow? That is as good explanantion as a guess from grader's perspective (likely 0p) - Did you look at wrong elasticity in (d)? - Did you remember to consider both supply and demand elasticities in (e)? 3. - Did you warn the cousin for not cutting the price any more? - Did you recommend increasing the price? - Did you forget to discuss (and not just mention) elasticity? - Did your answer have excessive length or argumentation not based on elasticity? 4. - Did you check for positive profits already in (a)? - Did you forget to ignore the sunk cost? - Did you mention that production constraint doesn't bind in (c)? - Were you consistent with the timing of the payoffs? - Did you write down the sum for NPV? 5. - (a) Did you make all the steps of model solution? - Did you make a fundamental mistake early with demand curves or marginal costs which send you on wrong trajectory? * Not aggregating or inversing demand curves * Taking some kind of average of costs instead of treating them piecewise - Did supply any graphic/verbal explanation with your possibly unusual solution methods for them to make any sense? - Did you remenber to count in all the costs? - (c-d) Did get the idea right? 4-5. - Were you doing correct calculations but didn't even provide names for equations f.ex? - If you were doing the maths wrong (I mean, really wrong) so that your doings weren't self-explaining anymore, did you explain what you were trying to achieve?