QUESTION 20 55.00 50.00 Supply 45.00, 40.00 35.00 30.00 MSC 5.00 20.00 15.00 Demand 10.00 5.00 15000 20000 25000 30000 35000 40000 5000 10000 What kind of externality is depicted above? a. negative production externality b. positive production externality C. positive consumption externality d.negative consumption externality
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- 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?o ensure all students are protected from getting the flu this year, your school offers free flu shots. What type of externality exists in this example? Question 16 options: Negative consumption externality. Negative production externality. Positive production externality. Positive consumption externality. Neutral externality.Give typing answer with explanation and conclusion One advantage of an emissions tax over a cap-and-trade system is that a. permit markets can have transactions costs that taxes do not. b. taxes put a price on pollution, but cap-and-trade systems do not. c. once a cap-and-trade system is in place, there is no way for the government to adjust the price of permits. d. taxes are always popular.
- Give typing answer with explanation and conclusion Why the market tends to fail when dealing with environmental issues? It is said many externalities in environmental economics have features that are similar to that of public goods. We know that the provision of some public goods such as lighthouse can be solved through the market rather effectively. What makes environmental goods such as clean air different from other public goods such as lighthouse? Why is it more difficult to solve the provision of clear air through the market?. Some dissenting scientists at Environment Canada disagree with the estimate of $1.50 for theenvironmental externality. They believe that the incidence of the externality is not constant acrossdifferent levels of production; instead the size of the externality is proportional to the level of output.That is, the larger is the output, the larger is the externality. Their research suggests that the truesocial cost of cereal production diverges from private costs at every level of production by an amountequal to ten percent of production (note: ten percent, not ten percentage points).The government would like to know the economic effects of implementing a tax to internalise theexternality in this case. Draw the diagram for this market and policy. Solve for all relevant Ps and Qs.Calculate producer surplusConsider the decision to adopt a dog. Describe aprivate cost, a private benefit, an external cost, andan external benefit that result from your decisionto adopt a dog.
- Econ 2200W Homework #1 (Ch 5 & 6) Classify each of the following goods or services as private goods, public goods, quasi-public goods, or common resources.(Refer to Figure 5.7 on page 165) A net-work television broadcast of baseball’s World Series( ) Home mail delivery ( ) Education in a public school ( ) Education in a private school ( ) Hiking in a park surrounded by a fence ( ) Hiking in a park not surrounded by a fence ( ) An apple ( ) Congested toll roads ( ) Congested nontoll roads ( ) Uncongested toll roads ( ) Uncongested nontoll roads (…1a) Water filtration removes contaminants that increase the risk of plant diseases from a farmer's water sources. As a result, there is a decreased risk of consumers suffering illnesses from consuming crops grown with filtered water. Due to this, economists might suggest that the use of water filtration systems in agriculture has an associated ________ externality? 1b) Draw the private cost, private benefit, social cost, and social benefit curves in the market for water filtration systems. If any of the curves are the same, label the curve as both. 1c) Is there market failure if the market runs freely? If so, is the socially optimal quantity of farmers using water filtration systems higher or lower than the market outcome? 1d) Provide a policy suggestion that would help to correct any market failures that arise due to this externality. Explain why this would be effective. 2a) Livestock and poultry farming are some of the largest contributors of ammonia emissions. Ammonia has been…For each of the following statements indicate if there is/could be an externality problem. Explain why or why not. lf there is, what type is it (positive, negative or both)? Determine if the Coase's theorem will be a perfect solution to the problem. Explain why or why not a. Carbon emission from vehicles. b. Your hostel neighbor throwing an awesome, but loud party. C. Completing your university degree. d. A mobile phone rings loudly in the class.
- Part 1. Imagine you have a diesel-powered car, and you can buy either diesel or biodiesel fuel (which is possible in some parts of the US). The cost of biodiesel is $38/GJ, and the biodiesel causes 22 kg CO2 emissions per GJ over its lifetime. The diesel costs $30/GJ and causes 88 kg CO2 emissions per GJ over its lifetime (4 times more!!). Part 1: What is the cost of mitigation of choosing biodiesel? Part 2. What carbon tax would be required to make the biodiesel cost the same as the diesel?Table 11-1Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying to determine how large, in acres, they should build the public park. The table below shows each resident’s willingness to pay for each acre of the park. Acres Sophia Amber Cedric 1 $10 $24 $6 2 8 18 5 3 6 14 4 4 3 8 3 5 1 6 2 6 0 4 1 7 0 2 0 Refer to Table 11-1. Suppose the cost to build the park is $24 per acre and that the residents have agreed to split the cost of building the park equally. If the residents decide to build a park with size equal to the number of acres that maximizes total surplus from the park, how much total surplus will Amber receive? a. $56 b. $0 c. $26 d. $32The 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.