13. Study Questions and Problems #13Match each key term in the following table with its definition.TermCommand-and-control regulationEffluent taxEmissions tradingDefinition 13. Study Questions and Problems #13Match each key term in the following table with its definition.TermCommand-and-control regulationEffluent taxEmissions tradingDefinitionA tax on the pollutantFirms buying and selling the right to polluteThe government dictating the approach to achieving an environmental goal

Let's match each term to its corresponding item: a) Command and control regulation: This is when the…

Answered: 13. Study Questions and Problems #13…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider two competitive firms with the following marginal abatement cost functions: MAC1 = 100 – 2e1 MAC2 = 50 – 0.5e2 1. Without regulation, what is the total level of emissions Eu? 2. If a regulator wants to reduce aggregate emissions to 50 units cost-effectively, how much should each firm emit? Firm 1’s emissions level ________________ Firm 2’s emissions level ________________ 3. If a regulator wants to reduce aggregate emissions to 50 units cost-effectively, what uniform emissions tax should the regulator impose?
4. Understanding different policy options to correct for negativeexternalities Carbon dioxide emissions have been linked to melting of sea ice. The following table lists some potential regulations targeting the amount of airborne carbon dioxide. For each policy listed, identify whether it is a command-and-control policy (regulation), tradable permit system, corrective subsidy, or corrective tax. Tradable Permit System Public Policy The government limits total carbon-dioxide emissions by all factories to 260,000 tons per five years. Each individual factory is given the right to emit 230 tons of carbon dioxide, and factories may buy and sell these rights in a marketplace. Trees take carbon dioxide out of the air and convert it to oxygen, so the government funds a tree-planting initiative by offering $440 to any citizen who plants a tree. The government orders every factory to adopt a new technology, which reduces carbon-dioxide emissions into the atmosphere. The government charges…
A government plans to plant a new forest to provide a recreation facility and help combat climate change. Estimates of the costs and benefits are shown in Table 1. Table 1 Private Social Private costs Social costs benefits benefits £ million 13 9 14 16 From the figure in Table 1, it can be concluded that the forest project will have A negative production externalities of £9 million. B positive consumption externalities of £16 million. C positive production externalities of £4 million. D total externalities of £25 million. 0000
500 450 The graph on the right may help in answering question 25 400 350 300 250 200 150 100 50 O 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 Quantity Demand MC Exter nality MC private MC Social A competitive tire manufacturing industry spews emissions into the air at47 per tire a marginal cost of 1.5-q, where q is the quantity of tires produced per month (in thousands). The industry marginal cost, excluding the cost of emissions (private marginal cost), is 4 + 4•q, expressed in $ per tire. The inverse demand curve for tires is p = 480 - 3-q, also expressed in $ per tire. In order to achieve the socially efficient level of tire production, which takes into account the optimal level of air pollution, the government levies a tax on the industry. What is the efficient pollution tax? $84 per tire $101 per tire $152 per tire Price
These are the two approaches “Standards and Enforcement.” “Consultation – Negotiation” and please explain them well for me
Price $100 10 00 70 60 50 10 30 10 0 200 400 600 Select one: MSC A $6,000 8 $14,000. C$8,000. OD $16.000. pennan MPC e 000 1000 1200 1400 Quantity per persod Refer to the above graph to answer this question. If this product were taxed by an amount equal to the external costs, what would be the total amount of tax revenue? 27
4. The dollar value of fish caught from Lake Spooky is given by f(b) = 1006 - 56², where b is the number of fishing boats. Fishing boats are costless to buy and operate. What is the optimal tax that the Department of Fish Affairs should impose on fishing boats, so as to avoid the Tragedy of the Commons? (a) $50 per boat (b) $1 per boat (c) $0 per boat (d) $100 per boat
1
47. Doctors often complain that the patents of pharmaceutical companies make newer medicines hard to obtain and overpriced for their patients. This describes how the patents cause the new medicines to be artificially scarce common pool goods non-excludable perfectly competitive rival goods 48. What is the most likely goal of a government that enacts a lump-sum subsidy? To increase market competition To decrease market competition To correct for a negative externality To discourage production To encourage production
8. What is the welfare loss to producers (decrease in producer's surplus) resulting from trade in country 2? (a) $3 (b) $27 (c) $31.5 (d) $40.5 (e) $45
10. Understanding different policy options to correct for negativeexternalities Carbon dioxide emissions have been linked to degradation of air quality. The following table lists some potential regulations targeting the amount of airbome carbon dioxide. For each policy listed, identify whether it is a command-and-control policy (regulation), tradable permit system, corrective subsidy, or corrective tax. о Public Policy Command-and- Control Policy Tradable Permit System Corrective Subsidy Corrective Тах Trees take carbon dioxide out of the air and convert it to oxygen, so the govemment funds a tree-planting initiative by offering $440 to any citizen who plants a tree. 0 о The government charges factories $440 for every ton of carbon dioxide they emit о о The government orders every factory to adopt a new technology, which reduces carbon-dioxide emissions into the atmosphere. 0 ° ° о The government limits total carbon-dioxide emissions by all factories to 260,000 tons per ten years. Each…

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