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Plastic waste, including carry-out containers and straws, creates multiple negative externalities. Last year, China banned the use of disposable plastic in restaurants to address its growing waste problem...
1. Use the supply and demand model to illustrate the difference between the free market equilibrium for plastic products and the socially optimal equilibrium for plastic products.
2. In addition to reducing consumption of a good or service, taxes and bans also encourage the use of substitute goods. What are some of the substitutes for plastic straws and grocery bags?
3. Discuss the difference between using taxes and regulations to reduce pollution. Which do you think might be more effective, and why?
4. Regulations sometimes lead to unintended consequences. What might be some unintended consequences of regulations aimed at reducing plastic usage?
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