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- 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…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 PriceD Question 7 Noise generated by an airport best illustrates. market power. overproduction of private goods. an externality. an inequity.
- What is the expected economic impact of implementing strict environmental regulations on heavily polluting industries? A. It leads to increased short-term profitability for these industries. B. It generally causes operational costs to rise, potentially leading to higher prices for consumers. C. It significantly boosts employment in all sectors of the economy. D. It has no impact on the market behavior of affected industries.Determine whether the examples below represent non-rival or non-excludable products: A. Both B. Non-Excludable Product C. Non-Rival Product 1. phone app ? 2. fishing in public lake 3. flood control RAZER12. Can farmers control the internal risks easier? Are there ways to also manage external risks? Why or why not?
- Cap and Trade policies are among the best environmental policies being used. However, it can be argued that they allow inefficient, high polluting sources to continue polluting. Is there a better way? What changes if any, would you make if you were the head of the EPA (Environment Protection Agency).Price and cost (dollars per ton of steel) 250+ 200 150 100 50 2 MSC S = MC D=MSB 10 4 6 8 Quantity (tons of steel per week) 29) The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external of A) cost; $100 B) benefit; $100 D) cost; $200 per ton. C) benefit; $200When externalities cause markets to be inefficient (x) government action is sometimes needed to solve the problem. (y) private solutions can be developed to solve the problem. (z) there is a way to eliminate the problem of externalities in the market if producers are provided with the appropriate incentives to internalize the externality. Select one or more: a. (x), (y) and (z) b. (x) and (y) only c. (x) and (z) only d. (y) and (z) only e. (z) only
- d Question 11 1. A town needs to build a new flood mitigation barrier. The town engineer has selected two barrier designs for consideration. The first design is earthen barrier and the second design is concrete barrier. Use equivalent uniform annual cost (EUAC) analysis to determine which plan is. more economical. Assume a 25-year analysis period, an interest rate of 5%, and no salvage value. Earthen Barrier Annual maintenance cost Concrete Barrier Construction cost $9,000,000 $22,000,000 $1,200,000 $500,000 In the box below provide the EUAC of the concrete barrierAn emissions standard will work best in which of the following cases? a. The marginal cost of pollution reduction curve is relatively flat. b. The marginal cost of pollution reduction curve is relatively steep. c. All firms have similar equipment and technology. d. The health effects of a pollutant are relatively unknown. e. Firms have very different equipment and technology.Which of the following statements is incorrect? Select one: O Local pollutants cause damage near the source of emissions. O Regional pollutants cause damage at distances beyond the source of emissions. Global pollutants affect the entire planet. O The horizontal zone refers to whether the pollution damages are at ground level or the upper atmosphere.