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Lecture

Practice%20Problems%20week%20of%20Jan%2020-27.pdf

2 Pages
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Department
Economics
Course Code
EC238
Professor
Karen Huff

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Description
Week of January 20-27 Practice Problems Practice Problems for Chapter 3, 4 and 5: Question 1 Suppose marginal damages due to industrial chlorine emissions into a river system are defined by the equation MD = 2E where E is the measure of pollution. Marginal abatement costs are defined by the equation MAC = 1000 - ½E (i) Calculate the pollution level in the absence of any pollution. If you were a policy maker and were asked to set a target for emissions reduction, how large a reduction would you guess ought to be pursued? (ii) Calculate the optimal level of pollution. How good was your guess? Question 2 Now suppose that scientific evidence arises showing that the chlorine release is twice as damagin
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