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Discuss the combination of incentives that the source of this problem will face and how you feel they would respond to the incentives. Please be specific.
Discuss the company's incentives for efficient behavior under the ChemsAreUs is risk neutral and faces no threat from activists conditions.
List three common-property resources not discussed in this chapter to which the models explained in the chapter could be applied.
How would increase in the demand for real estate affect the socially optimal rotation intervals for trees?
Given the assumptions of Hotelling's rule and constant extraction costs, what is the total value of a stock of 1 million dry long ton units of extractable iron.
What solutions to the mounting municipal solid waste problem have been discussed or applied in your area?
How has the World Wide Web allowed supported the establishment and functioning of these businesses?
Discuss the strengths and weaknesses of litigation and regulation as deterrents to environmental wrongdoing.
Explain two barriers that thwart Coasian bargaining in the real world. List four things you do that could cause externalities.
Drawing from what you learned in this chapter, briefly explain a major strength and a major weakness of a free market.
Describe a situation in which you could be a free rider. Then, try to come up with a policy or procedure that would remove this temptation to free ride.
Draw the price line and indicate the quantity that should be purchased to attain social efficiency. How many days would be purchased if Craig were a free rider?
Draw a graph with miles driven in a car on the horizontal axis and dollars per mile on the vertical axis.
How can you tell whether Megan is allocating her money efficiently? If she is not, what would be a wise first step toward utility maximization?
explain why some people plant trees in their yards, while other people, with similar preferences but trees to begin with, have trees removed from their yards?
A tank behind Andre's service station has leaked a large quantity. If these are the only risk factors, what is the expected value of damage from Andre's tank?
Draw the general shape of production possibilities frontier for cattle and lumber and explain why opportunity cost of each good increases as more is produced.
Draw a graph that illustrates a rational model for deciding how much time you should spend studying environmental economics today.
Beyond the examples of ethical issues mentioned in this chapter, list two more environmental issues that you face on a regular basis.
What are four possible standards for sustainability? What is the source of energy for the building you are in or closest to?
What do you see as the role for policy in bringing about the efficient treatment of natural resources and the environment?
What discount rate would (will) you recommend if (when) you sit on the President's Council of Economic Advisors?
In your opinion, does the ESA cause endangered species to be treated as if they had infinite value in practice? Why or why not?
Draw hypothetical palm tree demand curves as you would estimate them for each of these inhabitants, and a market demand curve for these public goods.
Present and defend your own favored approach to solving market failure in the case of a firm polluting neighboring wilderness areas.