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- What arguments d0 low-income countries make in international discussions of global environmental clean-up?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?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 reduction
- A corrective tax on the emission of carbon wastes is one possible way to reduce the economic costs associated with global warming. Critically analyze the Pigovian or Corrective Taxes?Economists may disagree because they havedifferenta. hunches about the validity of alternativetheories.b. judgments about the size of key parameters.c. political philosophies about the goals of publicpolicy.d. All of the above.Suppose residents of Toadhop live on the Quabache River, a river prone to flooding. Suppose there are 1,000 (type A) people who value flood control more than the 1,000 (type B) people. TypeADemandQD =100−P TypeBDemandQD =50−P where Q measures the quality of flood control. Refer to Scenario 2. If the price of a unit of flood control is $100,000 and the citizens of Toadhop did not work together, the amount of flood control purchased would be (a) 0. (b) 10. (c) 25. (d) 70. Refer to Scenario 2. If the price of a unit of flood control is $100,000 and the citizens of Toadhop gather for a townhall meeting to find the socially optimal level of flood control, and they are successful, how much will each type B individual contribute per unit of flood control? (a) $25 (b) $50 (c) $75 (d) $100 Refer to Scenario 2. If the price of a unit of flood control is $100,000 and the citizens of Toadhop gather for a townhall meeting to find the socially optimal level of flood control, and they are…
- What makes climate change an economic problem? And if it is, how should policy dealwith it?Your answer should include reference to at least three of the following aspects of theproblem:a) Climate change as an externalityb) A carbon tax vs. cap and tradec) Cost-benefit analysisd) Assessing costs to future generationse) Environmental dynamicsBoth public good;; and common resources involve b. How can the government solve the problemexternalities. caused by people like Fredo?a. Arc t~ extemalities associated with public goodsgenerally positive or negative? Usc examples in your answer. Is the froe. market quantity of public goods generally greater or Less than the efficientquantity?b. Are the externalities a.;;sociated with commonresources generall)' positive or negative? Uscexamples in your answer. Is the free·market usc ofcommon resources generally g:reatc.r or less thanthe efficient use?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 scheme
- The problems with e.g."Acid rain" created by emissions of sulfur dioxide has been onemajor problem in Sweden, not least because emissions have occurred in other countries (eg England and Denmark) andthen transported here. Now assume that if one tonne of sulfur is emitted in England, it results in one (1) gram of sulfur deposition in Sweden. The corresponding deposit of one tonne of sulfur emissions in Denmark is assumed to be 3 grams. Suppose further that The socio-economic damage of one gram of sulfur deposit can be estimated at SEK 0.10.The marginal cost of reduce sulfur emissions in England is estimated at Z SEK per tonne, and in Denmark the equivalent is estimatedcost to 2Z SEK per tonne. Z indicates here the emission reduction in tonnes (eg in Denmark it would cost SEK 4 toreduce emissions by two tonnes). In other words, Z = 0 corresponds to the emission level where there is no reductionemissions occur. a) Suppose now that the European Union decides that Denmark and England…. 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 surplusThe 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.
