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ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 17, Problem 3.8P
To determine
To list out the 4 laws enacted by the US government to protect the environment
Concept Introduction:
The rules and regulations put in force by the government to protect the natural resources from getting polluted and exhausted is known as the Environment Protection Act. The primary intention of the government is to reduce pollution and consumption of non-renewable resources and conserve them for prolonged use.
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25
1 Fertilizing Fish
When farmers fertilize their fields, the nitrogen from the fertilizer can get washed into streams which then
feed into larger rivers. This "runoff" can cause damage to ecosystems and reduce the number of fish that
can be caught by fishermen farther downstream.
20
Who are the producers of fertilizer?
Who are the consumers of fertilizer?
Who are the third parties affected by the externality?
The graph below shows the market for fertilizer where P=2+0.5Q, and P = 20 - Qd.
The marginal external cost of fertilizer = Q. This means, for example, if 3 units of fertilizer are used then
the last unit of fertilizer causes fishermen to suffer a $3 loss...however, they are worse off by $1 from the
first unit and $2 from the second unit as well for a total welfare loss of $6.
What is the equation for your new curve?
Label the curves on the graph, indicating if they're S or D, private or social. Draw & label a new curve
demonstrating the externality.
15…
(Positive Externalities) The value of a home depends in part on how attractive other homes and yards in the neighbourhood are. How do local zoning ordinances try to promote land uses that generate external benefits for neighbours?
(MCQ)
If there are no externalities a competitive market achieves economic efficiency. If there is anegative externality, economic efficiency will not be achieved because
a. too much of the good will be produced.
b.a deadweight loss will occur that is equal to the area under the demand curve for the good.
c.too little of the good will be produced.
d.economic surplus is maximized
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