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1.A gold mine extract gold from rock using toxic substances. For each additional tonne of rock the marginal benefit of extraction are MB =12-q where q is the quantity of rock. The extraction process causes marginal environmental damage equal to MD = 2 q.
a) Without regulation, how much rock would the gold mine extract?
b) With strict liability laws, how much gold would the mine extract?
2. Consider the same scenario as in question 4.
A) How high is the Pigovian tax?
B) How much rock would the mine extract under that tax?
3.What is the efficiency gain from implementing a Pigovian tax?
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