The importance of the concept of scarcity in economics and to determine if a resource is scarce. Concept introduction: Scarcity of resources means lack of resources in comparison to wants.

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Answer 1

Question

Chapter 1, Problem 1.1PA

To determine

The importance of the concept of scarcity in economics and to determine if a resource is scarce.

Concept introduction:

Scarcity of resources means lack of resources in comparison to wants.

Expert Solution & Answer

Explanation of Solution

The scarcity of resources is determined when demand is more than availability and the price of resources is more than zero. The human demands are unlimited and means to meet those wants are limited. This situation requires the efficient allocation of scarce resources in such a way that all the resources should be optimally utilized (no resource should go waste).

The concept is important to the definition of economics because it studies the human behavior as a relationship between unlimited wants and scarce resources. It is the science which studies how to make a choice between alternative uses of scarce resources. Scarcity is itself a big economic problem. Without it, economies studies will have no value.

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Section 1 Answer all questions. Show all your workings. (a) Suppose there are two firms 1 and 2, whose abatement costs are given by c₁(e₁) and c₂ (e₂), where e denotes emissions and subscripts denote the firm. We assume that c{(e;) 0 for i = 1,2 and for any level of emission e we have c₁'(e) # c₂'(e). Furthermore, assume the two firms make different contributions towards pollution concentration in a nearby river captured by the transfer coefficients ε₁ and 2 such that for any level of emission e we have 2(e) +2 The regulator does not know the resulting C₁'(e) Τι environmental damages. Using an analytical approach explain carefully how the regulator may limit the concentration of pollution using (i) a Pigouvian tax scheme and (ii) uniform emissions standards. Discuss the cost-effectiveness of both approaches to control pollution. [200 marks] (b) "Whether the regulator sells or gives away tradeable emission permits free of charge, the quantities of emissions produced by firms are the…

Answer 2

Question

Chapter 1, Problem 1.1PA

To determine

The importance of the concept of scarcity in economics and to determine if a resource is scarce.

Concept introduction:

Scarcity of resources means lack of resources in comparison to wants.

Expert Solution & Answer

Explanation of Solution

The scarcity of resources is determined when demand is more than availability and the price of resources is more than zero. The human demands are unlimited and means to meet those wants are limited. This situation requires the efficient allocation of scarce resources in such a way that all the resources should be optimally utilized (no resource should go waste).

The concept is important to the definition of economics because it studies the human behavior as a relationship between unlimited wants and scarce resources. It is the science which studies how to make a choice between alternative uses of scarce resources. Scarcity is itself a big economic problem. Without it, economies studies will have no value.

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05:38

Answer 3

Question

Chapter 1, Problem 1.1PA

To determine

The importance of the concept of scarcity in economics and to determine if a resource is scarce.

Concept introduction:

Scarcity of resources means lack of resources in comparison to wants.

Expert Solution & Answer

Explanation of Solution

The scarcity of resources is determined when demand is more than availability and the price of resources is more than zero. The human demands are unlimited and means to meet those wants are limited. This situation requires the efficient allocation of scarce resources in such a way that all the resources should be optimally utilized (no resource should go waste).

The concept is important to the definition of economics because it studies the human behavior as a relationship between unlimited wants and scarce resources. It is the science which studies how to make a choice between alternative uses of scarce resources. Scarcity is itself a big economic problem. Without it, economies studies will have no value.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

05:38

Answer 4

Question

Chapter 1, Problem 1.1PA

To determine

The importance of the concept of scarcity in economics and to determine if a resource is scarce.

Concept introduction:

Scarcity of resources means lack of resources in comparison to wants.

Expert Solution & Answer

Explanation of Solution

The scarcity of resources is determined when demand is more than availability and the price of resources is more than zero. The human demands are unlimited and means to meet those wants are limited. This situation requires the efficient allocation of scarce resources in such a way that all the resources should be optimally utilized (no resource should go waste).

The concept is important to the definition of economics because it studies the human behavior as a relationship between unlimited wants and scarce resources. It is the science which studies how to make a choice between alternative uses of scarce resources. Scarcity is itself a big economic problem. Without it, economies studies will have no value.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

05:38

Answer 5

Chapter 1, Problem 1.1PA

To determine

The importance of the concept of scarcity in economics and to determine if a resource is scarce.

Concept introduction:

Scarcity of resources means lack of resources in comparison to wants.

Expert Solution & Answer

Explanation of Solution

The scarcity of resources is determined when demand is more than availability and the price of resources is more than zero. The human demands are unlimited and means to meet those wants are limited. This situation requires the efficient allocation of scarce resources in such a way that all the resources should be optimally utilized (no resource should go waste).

The concept is important to the definition of economics because it studies the human behavior as a relationship between unlimited wants and scarce resources. It is the science which studies how to make a choice between alternative uses of scarce resources. Scarcity is itself a big economic problem. Without it, economies studies will have no value.

Answer 6

Chapter 1, Problem 1.1PA

To determine

The importance of the concept of scarcity in economics and to determine if a resource is scarce.

Concept introduction:

Scarcity of resources means lack of resources in comparison to wants.

Expert Solution & Answer

Explanation of Solution

The scarcity of resources is determined when demand is more than availability and the price of resources is more than zero. The human demands are unlimited and means to meet those wants are limited. This situation requires the efficient allocation of scarce resources in such a way that all the resources should be optimally utilized (no resource should go waste).

The concept is important to the definition of economics because it studies the human behavior as a relationship between unlimited wants and scarce resources. It is the science which studies how to make a choice between alternative uses of scarce resources. Scarcity is itself a big economic problem. Without it, economies studies will have no value.

Answer 7

Chapter 1, Problem 1.1PA

To determine

The importance of the concept of scarcity in economics and to determine if a resource is scarce.

Concept introduction:

Scarcity of resources means lack of resources in comparison to wants.

Answer 8

Expert Solution & Answer

Explanation of Solution

The scarcity of resources is determined when demand is more than availability and the price of resources is more than zero. The human demands are unlimited and means to meet those wants are limited. This situation requires the efficient allocation of scarce resources in such a way that all the resources should be optimally utilized (no resource should go waste).

The concept is important to the definition of economics because it studies the human behavior as a relationship between unlimited wants and scarce resources. It is the science which studies how to make a choice between alternative uses of scarce resources. Scarcity is itself a big economic problem. Without it, economies studies will have no value.