1.  Quiz #3 Oct. 27th  Writing Assignment Due Oct. 27 th  Homework 7 due Nov. 3rd  Exam #3 Thursday Nov. 3rd

2.  Group Projects Outline – Nov. 17th Group Papers – Dec. 8 th by 5pm Presentations – last week of class Tuesday – Groups 1,2,3 Thursday – Groups 4,5,6 FINAL EXAM – Monday Dec. 12  Section 1 - 10am  Section 2 - 3:10pm

3.  When the government allows private firms to extract minerals offshore or on public lands, two common means of sharing in profits Bonus bidding – awards the highest bidder the right to extract and paid up-front Production royalties – charges a per-ton royalty on each ton extracted and paid as long as the mineral is extracted

4.  How will this affect extraction over time?  Would either be consistent with the efficient allocation?  Suppose the price path and size of deposits are unknown. How would the risk be shared between the government and mining company, for the two different policies?

5. MC AC Q $/Q MR