Economics:
Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Chapter 27, Problem 8E
To determine

The optimal amount of garbage.

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In an article in the agriculture magazine Choices​, Oregon State University economist JunJie Wu made the following observation about the conversion of farmland to urban​ development:   Land use provides many economic and social​ benefits, but often comes at a substantial cost to the environment. Although most economic costs are figured into land use​ decisions, most environmental externalities are not. These environmental​ "externalities" cause a divergence between private and social costs for some land​ uses, leading to an inefficient land allocation. For​ example, developers may not bear all the environmental and infrastructural costs generated by their projects. Such​ "market failures" provide a justification for private conservation efforts and public land use planning and regulation.   What does the author mean by market failures and inefficient land use allocation​? Explain why the author describes inefficient land allocation as a market failure. Illustrate your argument with a…
Suppose the Environmental Protection Agency (EPA) wants to mandate that all methane emissions must be reduced to zero in order to alleviate global warming in the United States. Which of the following describes why most economists would disagree with this policy?  Reducing methane emissions is desirable, but whatever levels of pollution firms decide to emit privately are already efficient.    Society would not benefit from lower air pollution.    The environment isn’t worth protecting.    The opportunity cost of zero pollution is much higher than its benefit.
Which is an example of reducing the amount of waste created in the environment?         Chase rides his bike to work.          Bill keeps his cell phone charger plugged in when he goes to work.          Lydia uses fertilizer instead of pesticides on plants.            Michelle's furniture company burns trees instead of cutting them down.
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