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- 8. Preblems and Applications QB Suppose that the government decides to issue trachble permits for a certain form of pollution. In terms of economic efficiency in the market for pothition, having the governmerk ayction the permits off is detributing them to firmi. True or Falsen If the government chostes to divtribute the permits, the alocation of permits among firms does not matter for efficiency, but is would affect the distribuen of wealth True Falseshow how the price of permit works as an incentive for firm to improves its technology and reduce its emission? Explain by graphThe following graph shows the externalities in the market of papers. Apparently, there are negative externalities in the production of paper. The Marginal External Cost is estimated to be a constant $10 for all quantities. MSC S- MPC 110 A 105 C 100 95 D E D= MSB 4.5 5 Tons of Paper per Year (Millions) LExplain how we can get the MSC. AWhich area is the efficiency loss it the market is not regulated! How imuch corrective tax should the government levy to restore etficiency in the market? w. Which area is the total revenue the government receives from the poilution tax? Price, Benefit, and Cost (Dollars)
- Help plz graph plz 3 85. Which of the following best describes the issuance of permits to pollute as a way of influencing the amount of pollution? Permits to pollute: a. encourage business to pollute.b. should be purchased by those whose pollution is the least expensive to eliminate.c. should be purchased by those whose pollution is the most expensive to eliminate.d. are preferable over taxes because they can be limited to exactly the efficient amount of pollution.WHY SHOULD OTHER PECPLE BENEFIT FROM MY HARD WORK? 1994 Wateron De tyh e d Figure 1 Figure 1 shows how Calvin carefully avoids creating a positive externality (think of this as the equivalent of a factory applying a filter to eliminate any polluting emissions). Assume that this way of snow shovelling does not create any additional costs for Calvin (no extra effort and he has no plans to return home any time soon). b) As creating positive externalities leads to a social problem (see question a), and Calvin's way of snow shovelling avoids creating positive externalities, does Calvin's behaviour imply an efficiency improvement from a social point of view? Explain.
- What is this graph and what are some issues with it? 20 18 16 - 14 12 - 10 8 - 6 - 4 2- 1960 Year O. Externality graph over time. Issues are that it is in percentage, so does not show how much 'pollution' there is, also does not include taxes which reduce high pollution or benefits which decrease pollution. O U.S. Poverty graph over time. Issues are that it is in percentage, so does not show how 'rich' the richest are, also does not include taxes which increase high income or benefits which decrease poor income. O HHI Index graph over time. Issues are that it is in percentage, so does not show how much monopoly is in dollars, also does not include taxes which reduce monopoly income or benefits which increase monopoly income. OMU.S. Poverty graph over time. Issues are that it is in percentage, so does not show how 'poor' the poorest are, also does not include taxes which reduce high income or benefits which increase poor income. Percentage of People Below the Poverty Line 1965 1970 1975…Suppose that a firm’s emissions and Marginal Abatement Cost (MAC) data are summarized in thetable below. e MAC 0 200 10 180 20 160 30 140 40 120 50 100 60 80 70 60 80 40 90 20 100 0 a. If the price of a pollution permit is $100, how many permits will the firm need? Explain.b. Suppose that the price of a pollution permit increases to $120, how many permits will thefirm need? Explain.c. With this new price of $120, will the firm’s emissions increase or decrease? By howmuch? Explain.d. Can the firm sell any permits? If so, what is the revenue generated from permit sales?Explain.K Steel production creates pollution. If a tax is imposed on steel production equal to the marginal external cost of the pollution it creates, O A. steel producers will continue to produce the inefficient quantity of steel OB. the deadweight loss created by steel producers will be cut to zero OC. steel producers will cut pollution to zero O D. the market price of steel will rise by the amount of the tax Submit te: