Rational people decide at the margin

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Reference no: EM131244625

Please elaborate on aswers explaining fully. Answer in perspective of an environment economist?

1. A drought is currently affecting California, and California is experiencing water shortages. What is causing these water shortages?

2. What are opportunity costs? What (not how much!) are the opportunity costs if the EPA were to devote 10% of its budget to cleaning a Superfund site (a polluted site) in Ohio?

3. "Rational people decide 'at the margin'." What does this mean? Why do rational people choose to pollute?

4. How do public goods differ from open access goods (often called 'common resources')?

5. "Some pollution simply isn't worth cleaning up." Is this a normative or a positive statement? Explain. What criterion do you think the speaker was relying on to make that statement?

6. What is market failure? Under what conditions do markets fail?

Please be detailed and refer to environmental economic terms.

Reference no: EM131244625

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