MCo (based on Eo) $ MC1 (based on E:) D = MB Хо X1 Personal environmental quality (X) Refer to the figure above. Suppose that a policy change would improve overall environmental quality from Eo to E1, which would reduce the marginal cost necessary to achieve personal environmental quality X. In the figure above, what area represents a measure of incremental benefits from the policy change based or the total willingness to pay for the policy change? Oa +c d O a +b + c+ d b Ob+ d a + b %24
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- Free-market environmentalism has the potential to improve environmental outcomes A. Because it forces individuals to cooperate with each other toward a common goal B. Because it relies on already existing markets to address environmental issues, thereby reducing transaction costs C. Because it recognizes the importance of aligning incentives of stakeholders D. Because it rejects the constraints of the Coase Theorem E. Because its goal is to maximize corporate wealth, which promotes environmentalism and improves environmental outcomesRefer to the figure above. A program that reduces emissions from the uncontrolled level of e1 to emissions level e2 Group of answer choices A. reveals total costs equal to area (a+b+c+d) B. is clearly preferable to e*, where MD=MAC C. yields negative net benefits because the MD curve lies above the MAC curve D. reveals net benefits of (a + b) – (b). Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the lake it will cost 1200 and generate social benefits of 1500 – however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 – however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. If both states clean the lake, the payoffs will be A. Wisconsin gains 100, Illinois gains 200B. Wisconsin gains 200, Illinois gains 300C. Wisconsin gains 200, Illinois loses 100D. Wisconsin gains 100, Illinois loses 100
- Cost-effective pollution control means that... Mark all that applies. Group of answer choices the total social costs of pollution control and pollution damage are minimised. the amount of pollution reduction achieved from a given budget is maximised. a given level of pollution control is achieved at the least cost.Which of the following is not considered a strength of the environmental economics approach? a. companies will be motivated to try and reduce environmental impacts to have more economic gain. b. market-based solutions offer incentives for behavioural changes that directly address the issue at hand, fostering tangible change. c. policies with significant economic costs often face rejection. d. it assigns price/ quantitative value to natural resources, making it easier to weigh the impacts and awareness on how companies/people use it. e. it tries to balance the resource that you have, whatever it may be, to use and manage it appropriately and tries not to have any negative impacts on our environment.When the aggregate marginal savings function is uncertain and the marginal damagecurve is relatively flat, is it optimal to use an emission limit system (cap and trade) or totax emissions to regulate pollution?
- 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-and control’ and others are market based (e.g. cap-and-trade schemes, carbon taxes). (a) Using a diagram or diagrams, explain how a cap-and-trade scheme could result in pollution reduction. (b) What is the Emissions Reduction Fund and what are its pros and cons? 1(c) Of the following four policy options, which one do you favour as a demandside policy and why? i. command-and-control in terms of a demand side climatechange ii. carbon tax iii. Emissions Reduction Fund iv. cap-and-trade schemeAdam and Eve live on two sides of the Garden of Eden, a small suburban development. After they move in, an old dump containing the carcinogenic chemical polychlorinated biphenyl (PCB) is discovered between their houses. If X total tons of PCBs are removed from the dump, Adam and Eve have a true WTP to finance a cleanup as follows: Adam’s WTP is higher than Eve’s. Does this necessarily imply that Eve is less concerned than Adam about exposure to PCBs? Why or why not? Draw one diagram illustrating the two individuals’ demand curves for cleanup and the total demand for cleanup in the neighborhood. What is the total WTP for 3 tons of cleanup? For 4 tons? If cleaning up 2 tons were to cost $12, is the WTP in this small community sufficient to finance it? What are the two potential reasons why a voluntary cleanup might nevertheless fail?To evaluate potential policy options that address emissions and climate change, economists often recommend a thorough cost-benefit analysis, in which the avoided environmental and human health damages are weighed against the["marginal abatement costs", "marginal abatement benefits"] . Most estimates by environmental economists suggest that the benefits of emission reduction are somewhere between 5-20% of world GDP, while the costs are between 1-4%. Using a cost-benefit analysis, this would imply that these policies ["should", "should not"] be implemented. The resulting policies can take the form of ["preventive", "adaptive"] strategies, those that reduce damages resulting from climate change, or ["preventive", "adaptive"] strategies that reduce emissions.
- While the traditional approach of U.S. government policies for environmental protection has had some level of success, some economists propose Group of answer choices a range of policies stipulating set limits governing pollutant emissions. stringent policies balancing industry profit goals and environmental quality. stringent policies that will return the environment to its former pristine quality. a range of more flexible, market-oriented pollution-control policies.A company near a large city is required to keep its smokestack pollution to new lower levels, costing the company $2 million in additional equipment (which will last at least 10 years) and $100,000 a year in additional labor. Lowering the air pollutants in the region is expected to save $4 million in medical expenses in the affected region over the next 10 years. What level of pollution reduction gives the smallest benefit for money spent? Select one: a. From 1-20% of pollution reduction b. From a 20-40% pollution reduction c. From a 80-100% pollution reduction d. From a 60-80% pollution reductionThe government of a subtropical country is evaluating the costs and benefits of protecting a rainforest versus cutting it down for timber. The estimated value of the wood is $270$270 million. If the same forest is used as a national park, it may attract 0.030.03 million additional tourists per year. Statistically, each tourist spends $1,600$1,600 inside the country during their stay.How long will it take tourism to exceed the estimated value of the wood in the rainforest? Enter your answer in the box below and round to two decimal places if necessary.