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Case Study: "Suppose we wished to evaluate the benefits and costs of a proposal to control air pollution emissions from a large factory. On the positive side, pollution abatement will mean reduced damage to exposed materials, diminished health risks to people living nearby, improved visibility, and even new jobs for those who manufacture pollution control equipment. On the negative side, the required investments in pollution control may cause the firm to raise the price of its products, close several marginal operations at its plant and lay off workers and put off other planned investments designed to modernise its production facilities. How do we determine the willingness to pay for the favourable effects? First, it is relatively easy to value the reduced damage to materials. If, say, awnings will now last ten years rather than five years, it is straightforward to multiply the number of awnings times their price to get an idea of savings to consumers- so long as the price of awnings is not affected by the policy. If reduced pollution meant more agricultural output, it would be similarly easy to value because crops have well-defined market prices. In other words, when benefits involve marketed outputs, valuing them is not difficult. But what about reduced health risks or improved visibility? Because these are not things that people buy and sell directly, it is much less clear how to estimate the willingness to pay (the value of the benefits)".
Question: Discuss two major techniques that are available to estimate willingness to pay for improvement in environmental quality e.g. reduced health risks or improved visibility.
Consider two consumers, John and Maria, each with an quantity of two goods: corn and sugar. Suppose now that John has 40 G and 0 S and that his MRS(GS) is 1G/1S. Maria has 20 G and 70 S and her MRS(GS) is 3G/1S. Are there gains to be had for both Joh..
A three-year bank CD paying 7.25 percent compounded quarterly. Calculate effective annual interest rate (EAR)?
What is happening to the US trade balance in each of the following situations? Explain. a. Lower international trade barriers for imported products in the US b. Prices in the US decreases more than prices abroad c. Economic improvement starts in Cana..
What is a very persuasive and strong thesis statement for a Rogerian essay? (the topic of discussion is the Hela cell).? What is a great argument for such an es
If a group of 60 drivers in that age group are randomly selected, what is the probability that the mean distance traveled each day
A market (or industry) demand curve is described by Q = 600 – 0.5 P The monopolist firm’s cost function is TC = 7,550 + 16Q. Find the profit-maximizing quantity and price. If the monopoly is dissolved and then the market becomes perfectly competitive..
Identify at least three such factors that, in your view, should be included in the GDP calculations; then elucidate and illustrate how could they will help to improve the GDP as a tool for measuring the well-being of a nation.
Suppose a closed economy decides to lower taxes (assume Ricardian equivalence does not hold), all else held constant. What will happen to savings, investment, and the interest rate? Show graphically what happens (be sure to label curves, axes, equili..
The project you are managing is now behind schedule. Describe the analysis you would undertake when faced with this challenge. What are some of the actions you would consider to take to try to bring the project back on track?
The unintended consequences of raising minimum wage from $8 to $12 per hour will create more unskilled unemployment in the economy. True or False, explain. The unintended consequences of raising minimum wage from $8 to $12 per hour will create more u..
Which of these are goals sometimes pursued by Central Banks? Which of these is not an advantage of open-market operations compared to other tools the Fed could use?
Use of the term "behavioural economics" has been criticized on two accounts: redundancyand ambiguity. Briefly explain these two criticisms and determine whether they have anybearing on the merit of this line of economic study.
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