Tutorial Questions

B. When we go to these parks, we have a right to find peace and quiet.

1.2 Suppose the consumption of a good entails rather sizable spillover benefits. How might the resulting misallocation of resources be corrected?

1. Noelle quits her $80,000-a-year job to stay home. What is the opportunity cost of her decision?

Consider the following three scenarios. Respond to the reflection questions related to each scenario with your suggestions for government action in complete sentences.

In order to discuss the statement in the title, I will first talk about J. M. Keynes and give some general information regarding his life and career. Following I will discuss about Keynes criticism of Say’s Law starting with Aggregate Demand and how consumption together with investment are in relation to income. Afterwards I will highlight the role of investment and what the policy implications are. For the final part of this essay I will conclude with some evidence to support the claims made.

Refer to Figure 6-1. Which of the following conclusions can be drawn from this figure?

The author details much debate between the Department of Marine Resources and the fishermen to provide evidence that Garret Hardin was incorrect in several assumptions made in The Tragedy of the Commons. In this case study he attempts to disprove that users of open access resources have no vested interest in resource conservation and are unable to create regulatory controls themselves. Additionally, Acheson elucidates that resources can be sustainably and efficiently managed by communal or joint ownership in addition to private ownership as suggested by

For my essay topic I will be exploring the question of how to eliminate overcrowding while balancing maintenance of Colorado outdoor public recreation areas. I am interested in this topic as I personally use the public areas in Colorado, and I want to see what methods are truly effective going forward to ensure that the residents of Colorado have public access to enjoy the beautiful recreational areas of our state. Many people choose to live in Colorado to be able to take advantage of the temperate climate and access to spectacular mountain areas that are shared with visitors from all over the world. The ability to use the parks in Colorado is determined by state and national government, and there are many vested parties seeking to influence how they are managed. Stakeholders include those proposing change in national policy to drastically cut back on funding, preservation groups, and those considering how to honor the initial mission statements of

This article addresses the management of the Pacific salmon fishery in the Great Lakes Basin. To further elaborate on that, it makes mention of types of fisheries such as sport fisheries, and goes into greater detail on dealing with fishery management as the Great Lakes ecosystem continues to change. This article specifically addresses question 2, making mention of both previous and current methods in which government agencies and the public handled fisheries.

Scenario: In the community of Campbell River, British Columbia (the salmon capital of the world), concerns have been raised with regards to the issue of overfishing. Some members of the community do not believe the fishing industry should continue; however, they might not fully understand the political/economic/environmental implications of this decision upon others in the community. As a result, the mayor of Campbell River has decided to hold a town hall to listen to the various viewpoints of those affected by the fishing industry. They have invited the BC Supreme Court to hold a ruling to decide whether or not salmon fishing will continue among the coastal provinces.

A. My opinion on the debate of Blackfish and Seaworld is that I think that the marine animals that the company has should be back into the wild or a well preserved sanctuary. I believe this because I think majestic animals such as the orca should not be kept as pets or just to make them look like toys, but to let them have their rights and not try and bother them as much. What I’m saying is that the people should keep their space from them because these animals could go extinct if they aren't well cared

3 Answer A A tax can be used to ensure that those who generate harmful effects pay for them rather than third parties. 4 Answer B Public goods cannot be left to market forces as they are non-rival and non-excludable. A and C refer to merit goods and D to demerit goods. 5 Answer B More training, if in appropriate areas, should enable workers to move more easily from declining to expanding industries. A would help to reduce geographical immobility. C and D would be likely to increase demand and employment. 6 Answer B The socially optimum output is where MSB equals MSC, at point W. To achieve this output costs need to rise to incorporate external cost. The marginal external cost at W is represented by the gap between MSC and MPC.

1. Is the average amount that people are willing to pay for an entrée less than the forecast value of $19?

The neoclassical model of labor supply which suggests a positive relationship between working hours and earnings has been doubted for years, because there are weak evidences in empirical studies which mostly find insignificant or negative wage elasticities. A recent study by Stafford, T. (2015) on Florida lobster fishermen find a supporting result to the neoclassical model of labor supply on the basis of developing econometric methods and dealing with those issues from previous studies. His contribution is not only on providing complete and more valid estimation of wage elasticity, but also identifying how estimation issues affect wage elasticities and participation, which also shed a light on re-understanding previous labour supply studies.

Digest of federal resource laws of interest to the U.S. fish and wildlife service. (n.d). Retrieved from http://www.fws.gov/laws/lawsdigest/FISHCON.HTML