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ECON 2100 (7)
Chapter 5

Chapter 5- The Economics of Environmental Quality

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Department
Economics
Course
ECON 2100
Professor
Ross Mc Kitrick
Semester
Fall

Description
Chapter 5- The Economics of Environmental Quality October 19, 2013 11:51 AM Definitions Normative Concepts- a statement about what "ought to be" Positive Economics- the study of how events actually occur in the real world, how various outcomes come to pass Damage Function- shows the relationship between the quantity of a waster product and the value of its damages Emission Damage Functions- show the relationship between the wastes from a particular source or sources and the resulting damages to the environment Ambient Damage Functions- show how damages are related to the concentration of a waste product contained in the ambient environment Marginal Damage Functions- show the change in damages stemming from a unit change in emissions or ambient concentration Total Damages- are the total amount of damage at each possible emission Defensive Expenditures- the amount of money people are willing to pay to protect themselves against poll
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