1. Climate change is caused the emissions of carbon dioxide and methane gases, i.e., so- called 'greenhouse gases.' Suppose that the United States proposes a policy to combat these emissions to reduce the effects of global climate change. The policy proposes that the U.S. would impose a pollution tax on polluting firms to reduce their carbon dioxide and methane emissions by 30% over the next ten years. Carefully discuss this proposed policy from the perspective of: a. Efficiency. What is required for the policy to be efficient? b. Cost-effectiveness. Is this policy necessarily cost-effective? What is required for the policy to be cost-effective? Is it possible for a policy to be cost-effective, but not efficient? Explain. C.

1. Climate change is caused the emissions of carbon dioxide and methane gases, i.e., so- called 'greenhouse gases.' Suppose that the United States proposes a policy to combat these emissions to reduce the effects of global climate change. The policy proposes that the U.S. would impose a pollution tax on polluting firms to reduce their carbon dioxide and methane emissions by 30% over the next ten years. Carefully discuss this proposed policy from the perspective of: a. Efficiency. What is required for the policy to be efficient? b. Cost-effectiveness. Is this policy necessarily cost-effective? What is required for the policy to be cost-effective? Is it possible for a policy to be cost-effective, but not efficient? Explain. C.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. **Climate change** is caused by the emissions of carbon dioxide and methane gases, i.e., so-called ‘**greenhouse gases.**’ Suppose that the United States proposes a policy to combat these emissions to reduce the effects of global **climate change.** The policy proposes that the U.S. would impose a pollution tax on polluting firms to reduce their carbon dioxide and methane emissions by 30% over the next ten years.

Carefully discuss this proposed policy from the perspective of:

a. **Efficiency.** What is required for the policy to be efficient?

b. **Cost-effectiveness.** Is this policy necessarily cost-effective? What is required for the policy to be cost-effective?

c. Is it possible for a policy to be cost-effective, but not efficient? Explain.

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