yay micro!

well...semester's nearly over...yet again. Last day tomorrow. Uni semesters always go too fast for my liking. The good thing is that I don't have any more micro problem sets due.

The last problem set had a funny story to it. It happened to be on externalities i.e. social marginal benefits and costs (SMB and SMC), private marginal costs (PMC). That sort of stuff. For ppl who haven't done economics before, sorry abt the terminology. Anyway...we got this other group to explain the externality question just to see how they did it.

Guy1: we know that the SMB has to equal SMC but we have a negative externality so the PMS...

Guy2: at that point, started laughing so hard he had to go for a little walk to sober up

Erica and I just looked at each other and cracked up. How is PMC related to PMS? Maybe there were too many women standing next to him.

Guy1's version of a negative externality

I hope I won't crack up if I get one of these questions in the exam.