Suppose an environmental impact study showsthat the coral reef near Port Douglas, Australia,can sustain 20 scuba diving tours per week. Discuss the pros and cons of setting a quota of 20 divetours per week

Suppose an environmental impact study showsthat the coral reef near Port Douglas, Australia,can sustain 20 scuba diving tours per week. Discuss the pros and cons of setting a quota of 20 divetours per week

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 6E

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Concept explainers

Market Failure Analysis

To understand Market failure, we need to first understand welfare economics. An Italian economist, Vilfredo Pareto stated that allocation of resources in an efficient manner such that an economic change, which harms no one and makes someone better off, indicates an increase in social welfare. It is also called Pareto Optimality, where resources cannot further be reallocated without harming one. This does not apply to those economic changes, which harm some and benefit others. social welfare increases if the utility of any of its members' increases and none decrease in the economy.

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Suppose an environmental impact study shows
that the coral reef near Port Douglas, Australia,
can sustain 20 scuba diving tours per week. Discuss the pros and cons of setting a quota of 20 dive
tours per week

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