would this look like on the graph. sd1 is long run domestic supply curve sd2 dometic supply curve Pw1 observed world price Pw2 includes vulnerability premium Pw3 adds in the per unit climate change damages

would this look like on the graph. sd1 is long run domestic supply curve sd2 dometic supply curve Pw1 observed world price Pw2 includes vulnerability premium Pw3 adds in the per unit climate change damages

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Pigou tax on oil has no impact on global carbon emission from oil because other countries do not pay it. What would this look like on the graph.

sd1 is long run domestic supply curve

sd2 dometic supply curve

Pw1 observed world price

Pw2 includes vulnerability premium

Pw3 adds in the per unit climate change damages

$/Unit
Domestic Demand
S d2
d1
w3
Pw2
P,
w1
Quantity
А В
Figure 7.2 The National Security Problem

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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