Let $F:\mathcal A\to \mathcal B$ be a functor between abelian categories. Suppose $F$ is, say, left exact (plus additive and covariant). We have built its right derived functors $R^iF$.
I see no reason why $R^iF$ should be left or right exact (of course $R^0F\cong F$ is left exact, but apart from this I see nothing else; or are $R^iF$ necessarily left exact?). My question is:
What does it mean, for $F$, to have exact derived functors? What are examples of this behavior?
I put the "algebraic geometry" tag because I have in mind functors like $F=\Gamma=H^0(X,-)$ where $X$ is a scheme, or (more generally) $F=f_\ast$ for $f:X\to Y$ a morphism of schemes.
The functor $R^i F$ can be right exact can happen when the higher cohomology vanishes, but left exactness is a strange thing to ask for. Suppose the domain of $F$ is an abelian category with enough injective objects, and consider a short exact sequence $$0 \longrightarrow A \longrightarrow I \longrightarrow C \longrightarrow 0$$ where $I$ is injective. Then we get a long exact sequence in cohomology: $$0 \longrightarrow R^0 F A \longrightarrow R^0 F I \longrightarrow R^0 F C \longrightarrow R^1 F A \longrightarrow R^1 F I \longrightarrow \cdots$$ However, $R^i F I = 0$ for $i > 0$, so if $R^1 F$ is left exact, then we would be forced to conclude that $R^1 F A = 0$, and hence that $R^0 F$ is exact. More generally, if $R^{n + 1} F$ is left exact, then $R^n F$ has to be right exact and $R^{n + 1} F = 0$.