Microeconomics: Private and Public Choice (MindTap Course List)
15th Edition
ISBN: 9781285453569
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Question
Chapter 2, Problem 6CQ
(a)
To determine
Meaning of private ownership right and its influence on the incentive of individuals in taking care of things.
(b)
To determine
The incentive of individual to conserve the resources for future on the basis of private property rights.
(c)
To determine
Reasons to develop and modify things that are beneficial to others by a private property owner.
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4. Consider two polluting firms, with the marginal abatement costs of polluters 1 and 2,
respectively, equal to
MAC₁ = 20-E1
MAC2 = 12-E2
a. What is the unregulated level of pollution for each firm?
b. Assume policymakers have decided to cut the level of pollution in half. The way they
intend to accomplish this goal is to require both firms to cut their pollution in half. What
are the total costs of abatement from the policy? And how are these costs distributed
between the firms?
c. Is this uniform quota on emissions across firms the most cost-effective manner in which
to reduce emissions by 50%?
Chapter 2 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
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