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
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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.
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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.
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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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