Please recheck and provide clear full solutions and graphs with explanation Below are the hypothetical dataon the combinations betweenGood X and Good Y that acountry can produce. Plot thefollowing combinations ofGood X (horizontal axis) andGood Y (vertical axis) in a singlegraph and construct theproduction possibilities line.Label your graph properly. Takea photo/ image of your graphand upload in this particularquestion.Combinations Good Y Good XA21В181152D12E94F6G36H7 What is the rate of exchangebetween Good X and Good Y?Your answerSupposed your original choicein combination D but youchange your mind. Show in theabove graph an example of anopportunity cost where yougive up combination D in favorof a new combination. Labelyour graph properly. Take aphoto/ image of your graph andupload in this particularquestion. *

Below are the hypothetical data on the combinations between Good X and Good Y that a country can produce. Plot the following combinations of Good X (horizontal axis) and Good Y (vertical axis) in a single graph and construct the production possibilities line. Label your graph properly. Take a photo/ image of your graph and upload in this particular question.

Below are the hypothetical data on the combinations between Good X and Good Y that a country can produce. Plot the following combinations of Good X (horizontal axis) and Good Y (vertical axis) in a single graph and construct the production possibilities line. Label your graph properly. Take a photo/ image of your graph and upload in this particular question.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter12: Environmental Protection And Negative Externalities

Section: Chapter Questions

Problem 41P: Refer to Table 12.2. The externality created by the refrigerator production was 100. However, once...

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What is an externality?
Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table 12.8 shows the total costs of cleaning up the sewage to different levels, together with the total benefits of doing so. (Benefits include environmental, recreational, health, and industrial benefits.) Using the information in Table 12.8, calculate the marginal costs and marginal benefits of reducing sewage emissions for this city. See Production, Costs and Industry Structure if you need a refresher on how to calculate marginal costs. What is the optimal level of sewage for this city? Why not just pass a law that films can emit zero sewage? After all, the total benefits of zero emissions exceed the total costs.
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?
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.
In the tradeoff between economic output and environmental protection, what do the combinations on the protection possibility curve represent?
In what ways (it) company investments in research and development create positive externalities?
In the Land of Purity, there is only one form of pollution, called gunk. Table 12.14 shows possible combinations of economic output and reduction of gunk, depending on what kinds of environmental regulations you choose. Sketch a graph of a production possibility frontier with environmental quality on the horizontal axis, measured by the percentage reduction of gunk, and with the quantity of economic output on the vertical axis. Which choices display productive efficiency? How can you tell? Which choices show allocative efficiency? How can you tell? In the choice between K and L, can you say which one is better and why? In the choice between K. and N, can you say which one is better, and why? If you had to guess, which choice would you think is move likely to represent a command-and-control environmental policy and which choice is more likely to represent a market-oriented environmental policy, choice L or M? Why?
Refer to Table 12.2. The externality created by the refrigerator production was 100. However, once we accounted for both the private and additional external costs, the market price increased by only 50. If the external costs were 100 why did the price only increase by 50 when we accounted for all costs?
Imagine a scenic canyon, visited by many local people as well as tourists from beyondthe local area. Consider a scenario in which a mining company has proposed to the localauthority that it be closed to the public and put into the production of coal. Thinking interms of economics as a way of adjudicating the relative value of one use of the canyon overthe other, what would you need to know in order to make a comparison or assessment?What kinds of quantitative data would inform your decision, and where might they comefrom? What kinds of things might you need to know that are hard to measure? Once youhave listed the kinds of information and data that might be available to inform this decision, do you think it would be sufficient to making this decision, why or why not?
Wireless, high-speed Internet is provided for free inthe airport of the city of Communityville.a. At first, only a few people use the service.What type of a good is this and why?b. Eventually, as more people find out aboutthe service and start using it, the speed of theconnection begins to fall. Now what type of agood is the wireless Internet service?c. What problem might result and why? What is onepossible way to correct this problem?
Five roommates arc planning to spend the weekendin their dorm room watching movies, and they arcdebating how many movies to watch. Here is theirwillingness to pay:Quentin Spike Ridley Martin StevenFirst film $14 $10 $8 $4 $2Second film 12 8 4 2 0Third film 10 6 2 0 0Fourth film 6 2 0 0 0Filth film 2 0 0 0 0Buying a DVD costs SIS, which the roommates splitequally, so each pays $3 per movie.a. What is the efficient number of movies to watch(that is, the number that maximizes total surplus)?b. from the standpoint of each roommate, what isthe preferred number of movies?c. What is the preference of the median roommate?d. (f the roommates held a vote on the efficient out~come versus the median voter's preference, howwould each person vote? Which outcome wouldg~ a majority?c. lf one of the roommates proposed a differentnumber of movies, could his proposal beat thewinner from part (d) in a vote?f. Can majority rule be counted on to reach efficientoutcomes in the provision of public go<Xis?
In 2006, the Australian Government incorporated research into corporate social responsibilities to determineif there is a need to include social and environmental responsibilities within the Corporation Act throughamendment procedure. It was decided not to incorporate a particular regulation through legislation, insteadrely upon the 'market forces' to encourage companies to do the 'right thing'. This viewpoint was expressedthat if companies did not look after the environment or did not act in a socially responsible manner, peoplewould not want to consume the organisations' products. From the equity market perspective, potentialinvestors would not want to invest in the organisations, and further workers wouldn't want to work for them,and so forth. Because companies were aware of such market forces, they would do the 'right thing' even inthe absence of legislation.Requirement:1) Using theories such as Public Interest Theory, Capture Theory and Economic Interest Group Theoryto critically…