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- In the tradeoff between economic output and environmental protection, what do the combinations on the protection possibility curve represent?Consider the case of global environmental problems that spill across international borders as a prisoners dilemma of the sort studied in Monopolistic Competition and Oligopoly. Say that there are two countries, A and B. Each country can cheese whether to protect the environment, at a cost of 10, or not to protect it, at a cost of zero. If one country decides to protect the environment, there is a benefit of 16, but the benefit is divided equally between the two countries. If both countries decide to protect the environment, there is a benefit of 32, which is divided equally between the two centuries. In Table 12.10, fill in the costs, benefits, and total payoffs to the countries of the following decisions. Explain why, without some international agreement, they are likely to end up with neither country acting to protect the environment.Consider two approaches to reducing emissions of CO2 into the environment from manufacturing industries in the United States. In the first approach, the U.S. government makes it a policy to use only predetermined technologies. In the second approach, the U.S. government determines which technologies are cleaner and subsidizes their use. Of the two approaches, which is the command-and-control policy?
- Give an example of a positive externality and an example of a negative externality.Suppose that a mayor of a large city believes strongly that education provides great benefits to the community andurges the state government to provide the district with more money. An economist would say that this reflects theMayor's belief that:Asince teachers are overpaid, the district needs more money to hire enough teachers for its classrooms.Bthere are positive external benefits associated with education.Cthere are nontrivial external costs associated with education.Dpublic schools provide a higher quality education than private schools.To reduce emissions, policy-makers are deciding between a tax on CO2 and a cap on CO2. The marginal social costs of emissions are known and given by the curve MSC. The slope of the marginal social benefits curve is relatively steep, but its position is uncertain. Policy-makers expect it to lie at MSBexp, while the actual position is MSBeff. What policy makes more sense?a) a tax makes more sense because it minimizes efficiency lossb) a cap makes more sense because it maximizes producer surplusc) a cap makes more sense because it maximizes consumer surplusd) a tax makes more sense because the policy maker can determine the exact amount of emissionse) a cap makes more sense because the policy maker can determine the exact amount of emissions
- Apply a PESTEL analysis to BMW, Mercedes Benz or Audi (note: the same opportunities and threats will apply to each of them)(300 words) Case is in the link below https://learn-ap-southeast-2-prod-fleet01-xythos.s3.ap-southeast-2.amazonaws.com/5bfdd02798410/310708?response-cache-control=private%2C%20max-age%3D21600&response-content-disposition=inline%3B%20filename%2A%3DUTF-8%27%27German%2520Performance%2520Cars%2520mini-case%25282%2529.pdf&response-content-type=application%2Fpdf&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20200514T150000Z&X-Amz-SignedHeaders=host&X-Amz-Expires=21600&X-Amz-Credential=AKIAIW5OVFIUOTV36DNA%2F20200514%2Fap-southeast-2%2Fs3%2Faws4_request&X-Amz-Signature=04fc70b3525f262f45e3fd538055629312c31235de61816a9a1794793d02294cThe three residents of Smallville are consideringa fireworks display. Clark values this public goodat $80; Lana at $50; and Pete (who dislikesfireworks) at −$30. Fireworks cost the town $120,or $40 per person. The efficient outcome is for thetowna. to provide the public good because the medianperson values it more than its cost per person.b. to provide the public good because a majorityof the residents value it more than its cost perperson.c. to provide the public good because the total valueof a majority exceeds the total cost.d. not to provide the public good because the totalvalue of all residents is less than the total cost.Four roommates are planning to spend the weekendin their dorm room watching old movies, and theyare debating how many to watch. Here is theirwillingness to pay for each film:Dwayne Javier Salman ChrisFirst film $7 $5 $3 $2Second film 6 4 2 1Third film 5 3 1 0Fourth film 4 2 0 0Fifth film 3 1 0 0a. Within the dorm room, is the showing of a moviea public good? Why or why not?b. If it costs $8 to stream a movie, how many moviesshould the roommates stream to maximize totalsurplus?c. If they choose the optimal number from part (b)and then split the cost of streaming the moviesequally, how much surplus does each personobtain from watching the movies?d. Is there any way to split the cost to ensure thateveryone benefits? What practical problems doesthis solution raise?e. Suppose they agree in advance to choose theefficient number and to split the cost of the moviesequally. When Dwayne is asked his willingness topay, will he have an incentive to tell the truth? Ifso, why? If not, what will he…
- The climate policy toolkit has, to-date, mostly focused on demand side policies (i.e. policies that affect the pollution demand curve), some of which are ‘command-andcontrol’ and others are market based (e.g. cap-and-trade schemes, carbon taxes). (a) Explain what is meant by command-and-control in terms of a demand side climate change policy. What are the pros and cons of this as a policy option? (b) Using a diagram, explain how a carbon tax could help reduce pollution.The satisfaction that an individual gain after consuming a cold Orange Juice on a hot day describes * a.Public benefit b.private benefit c.external benefit d.social benefit If it costs Levy $1.50 to prepare a burrito, that would reflect it's: a.social cost b.external cost c.private cost d.Public cost As a result of the COVID19 pandemic, the Government will be opening a pre-school in Back-A- Town area, and subsidizing the cost. The reason for this is because the government is of the opinion that pre-school education is: * a.Underpriced b.Overproduced c.Under-produced d.Over-produced Full funding of tertiary level education is an example of a government: * a.Tariff b.Tax c.Subsidy d.LoanFish that swim in international waters are a common good that are freely available toanyone who wants to catch them, but this leads to the problem of over-fishing. At theheart of this problem lies an externality. Using appropriate diagrams andaccompanying discussion, show both how and why this over-fishing takes place. Inyour explanation, identify the source of the externality.