3 On this least-cost abatement curve,how much (GTCO2) could we abate ifwe spent €8.37 billion?aSelaCol CCSTte atenwindCoal CCSghttc d37 bilon eurosCost of abatement(billions €- cost per tonne abated x gigatonnes abated)6.26 GECO24.94 GECO28.37 GECO2O 11.2 GECO2Environmental quality, E (amount abated, GICO,)494 GICO, In the following figure, the optimalchoice maximises social value. Thisoccurs where:100The eE 62FeEwthatanenent450s00Abatemere costs- ES0billonConsumption of goods and services (billions €)MRT = MRSMRS > MRTThere is not enough information todetermine optimal point.MRT > MRSQuality of the environment, E

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On this least-cost abatement curve, how much (GECO2) could we abate if we spent €8.37 billion?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 11RQ: What is die difference between accounting and economic profit?

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What is die difference between accounting and economic profit?
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The owner of Barb’s Burgers has suggested the firm should invest in more moderntechnology and created a list of potential changes she thinks may be helpful as aninvestment. She has asked you to analyze the four potential choices and comment onwhat this would change in terms of cost:1. Build kiosks in the dining area for people to place their orders without having tointeract with a cashier. The kiosks would need also need to be integrated into thepoint of sales system to track orders for the kitchen Question: Argue how each of these is likely to change the cost of the firm once implemented (i.e. are any of these a fixed cost or a variable cost). How this adjust theamount of labour and/or capital currently necessary for the firm? Would the technology be a general technology, labour-saving, or capital-saving?