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Q1:UMass RESEC 262 Summer 1) The Clean Air Act requires the EPA to set these standards "requisite to protect the public health" with "an adequate margin of safety." This has been referred to as zero-risk standards. Use the graph below to answer the questions below concerning the economics of zero-risk ambient concentration standards. Aggregate marginal abatement costs A¹ A² A³ Aggregate marginal damage A4 Problem A5 Ambient concentration a. What is the maximum ambient concentration in the graph that would achieve the zero-risk goal? [1 point] b. Is a zero-risk ambient concentration standard likely to be efficient? Why? [2 point]See Answer
Q2:UMass MAC₂ RESEC 262 Summer 2) In the graph below are aggregate marginal abatement cost (MAC) and marginal damage (MD) functions for two regions of the country, 1 and 2. Use it to answer questions below. A¹ MAC₁ 1 I MD₁ A² A³ A4 MD₂ Problem Ambient concentration a. Indicate the efficient ambient standards in the graph above. [1 point] b. Use the graph to explain why a uniform ambient concentration standard for the country will be inefficient. [2 points]See Answer
Q3:UMass ΜΑ CA 3) Below is the graph of the marginal abatement cost schedules of two firms, A and B. Suppose that the two firms face a uniform emissions standard Eº. Explain why this is not a cost-effective policy to control emissions. [2 points] ΜΑ CB RESEC 262 Summer ED Problem EmissionsSee Answer
Q4:UMass RESEC 262 Summer a 4) The firm in the graph below faces a tax for each unit of emissions that it releases. Marginal abatement cost b Emissions Problem a. Clearly mark in the graph the firm's choice of emissions when it faces the tax 7. [1 point] b. What is the: [3 points] i. total tax bill ii. total abatement costs, and iii. total compliance costs when it faces the tax 7.See Answer
Q5:UMass IN RESEC 262 Summer 5) In the graph below are the marginal abatement costs of two firms, A and B. Suppose that they face the same emissions tax. Marginal abatement costs for firm A E Problem Marginal abatement costs for firm B Emissions a. In the graph indicate each firm's choice of emissions. Label these choices as EA and EB. [1 point] b. Use your answer to (a) to explain why an emissions tax will be a cost- effective policy tool. Three or four sentences should be enough. [2 points]See Answer
Q6:UMass RESEC 262 Summer Problem 6) In the graph below, marginal enforcement costs have been added to aggregate marginal abatement costs to indicate that enforcement costs are an additional cost of controlling emissions. Aggregate Marginal Abatement Coggregate Marginal Damage ($) Aggregate Marginal Abatement Cost plus Marginal Enforcement Costs Emissions EU a. In the graph identify the efficient emissions tax and the efficient level of emissions. [2 points] b. Explain why the efficient emissions tax is lower than the value that equates Aggregate Marginal Damage to Aggregate Marginal Abatement Cost plus Marginal Enforcement Costs. [2 points]See Answer
Q7:7) The graph below is of a single source of pollution that operates under a transferable discharge permit policy. The market price of permits is p', which the firm takes as fixed. The firm is given (for free) either q° or q¹ permits initially. $ p MAC qº q¹ Emissio ns Permits a. What is the efficient level of emissions for a firm, given p* price of permits? Indicate it in the graph. [1 point] b. Use the graph to help explain why the initial allocation of permits does not affect how many permits the firm chooses to hold after trading is complete. [2 points]See Answer
Q8:8) The graph below is of aggregate marginal damage and aggregate marginal abatement costs associated with some pollutant. Suppose a regulator wishes to control emissions with a competitive transferable emissions permit policy. p* Aggregate Marginal Abatement Costs d C Q*=E* b a EU Aggregate Marginal Damage Aggregate Emissions a. Identify the efficient supply of emissions permits. What will be the price of permits if sources trade them competitively? [1 point] b. Identify the reduction in aggregate damage from the efficient policy. [1 point] c. Identify the aggregate abatement cost of the efficient policy. [1 point] d. Identify the aggregate value of all emission permits. Under what circumstances does this value accrue to the pollution sources? Under what circumstances does this value accrue to theSee Answer
Q9:UMass RESEC 262 Summer Problem 9) Think about the environmental issue you have been writing about: [8 points] a. Can you implement emissions taxes? b. Can you implement emissions permits? c. Describe how you would do this and which method you think would work better.See Answer
Q10:3. Lucy and Melvin share an apartment. They spend part of their income on private goods such as food and clothing, which they consume separately, and part of their income on public goods such as the refrigerator, heating and rent, which they share. Lucy's utility function is 2XL+G and Melvin's utility function is XM6, where XL and XM are the sums of money spent on private goods for Lucy and Melvin, and G is the sum of money spent on public goods. Lucy and Melvin have a total of $8,000 a year to spend on private goods for each of them and on public goods. a. What is the absolute value of the marginal rate of substitution between private and public goods for Lucy? What is this value for Melvin? Write an equation to calculate the Pareto efficient quantity of public goods. b. Suppose Melvin and Lucy each spend $2,000 on private goods and the remaining $4,000 on public goods. Is this Pareto efficient? c. Give an example of another Pareto optimal outcome in which Melvin receives more than $2000 and Lucy receives less than $2000 for their consumption of private goods. Give an example of another Pareto optimum in which Lucy receives more than $2000./nd. The Pareto optima that makes Lucy better off and Melvin worse off will have (more, less, the same amount) of public goods than the Pareto optimum that treats them the same.See Answer
Q11:4. This problem deals with a very practical question that concerns the inhabitants of this planet. The question is "in a democracy, when can we expect the majority of citizens to favor a government that provides private goods in a public way?". This problem also addresses issues of efficiency arising from the public provision of private goods. On planet Jumpo, there are two goods, aerobics lessons and bread. The citizens all have a Cobb-Douglas utility function of the form Ui(Ai, Pi) = A₁ P₁" where Ai and Pi are citizen i's consumption of aerobics and bread. Although tastes are all the same, there are two different income groups, the rich and the poor. Every rich person on Jumpo has an income of 100 fondas and every poor person has an income of 50 fondas (fonda is the currency of planet Jumpo). There are two million poor people and one million rich. Bread is sold in the usual way and costs 1 fonda. Aerobics lessons are provided by the state, in identical quantities for each person, and the price to the state for aerobics lessons is 2 fondas per/nlesson. The cost of state-provided lessons is paid for by taxes collected from citizens. The state has no other expenses, so the sum of the taxes must equal the total cost of the aerobics lessons. Jumpo is a democracy, and the number of aerobics lessons to be provided is decided by a vote of the citizens. a. Assume that the cost of state-provided aerobics lessons is paid for by requiring each person to pay an equal amount of taxes (per capita taxation). If each citizen receives 20 lessons, what will be the government's total expenditure on lessons? How many taxes will each citizen have to pay? If 20 lessons are given, how much will a rich person have left to eat bread after paying the tax? What about a poor person? b. Since aerobics lessons are provided publicly, everyone receives the same amount, and no one can have more lessons for that matter, each person faces the same optimization problem. Write down this optimization program and explain it. c. How many lessons will the rich want the state to provide? How many lessons will the poor want the state to provide? (Still assuming per capita taxation and identical quantities for each individual). d. If the result is determined by a majority vote, how many aerobics lessons will be provided?/nhow many aerobics lessons will be provided? How many loaves of bread will the rich get? How many loaves of bread will the poor get? e. Assume that aerobics lessons are "privatized" in such a way that no lessons are provided publicly and no taxes are collected. Each person can buy as many lessons as they like and as many loaves of bread as they like. Assume that the price of the bread remains 1 fonda per unit and the price of the lesson remains 2 fondas per unit. How many aerobics lessons will the rich receive? And the poor? How many loaves of bread will the rich buy? And the poor? f. Suppose that aerobics lessons remain publicly available, but are paid for by a tax proportional to income. Suppose that if A aerobics lessons are offered to every person in Jumpo, the tax for the rich will be 3A fondas and the tax for the poor will be 1.5A fondas. With these tax rates, how many aerobics lessons will the rich get? And the poor? How many aerobics lessons per head will the majority vote for? How many loaves of bread will the rich get? (Hint: remember to rewrite each group's budget constraint)./ng. Calculate the utility of a rich person and a poor person i. If we apply a per capita tax ii. In case of privatization iii. If a tax proportional to income is applied h. Compare these three systems according to the Pareto criterion. Is privatization Pareto superior to the per capita tax? Is the tax proportional to income superior to the per capita tax in the Pareto sense? Is privatization superior in a Pareto sense to a tax proportional to income? Explain your answers.See Answer
Q12:1. ASSESSMENT BRIEFING In this individual assignment you are required to choose a city and identify and research two key sustainability issues, which are negatively impacting your city's sustainability performance. You will apply sustainability concepts; analyse and raise awareness of these problems and their causes. You will communicate your research effectively and succinctly by designing and producing an aesthetically pleasing poster. A successful poster will not only attract the viewer's attention, for it will also outline accurately and concisely the purpose, findings, and conclusions of your research. Your poster will be designed to include a balance of text, images, figures, and tables. The poster should include in-text citations or references to your research sources. Your submission should include a reference list of recent academic and non-academic sources, presented in the Cite them Right Harvard Referencing style. You must choose one city from the Arcadis Sustainable City Index 2022 Your selection should be based on the availability of the information and data needed to complete the module assessments. Make sure you get advice from your seminar leaders as you work through your assignment. 1.1. Word count and Submission method • 700 words maximum (excluding main title, subheadings, figures / tables and reference list) • Your poster will be uploaded to Turnitin as a single PDF (file must be less/n1.1. Word count and Submission method • 700 words maximum (excluding main title, subheadings, figures / tables and reference list) • Your poster will be uploaded to Turnitin as a single PDF (file must be less than 100 MB) • Document Name: 5BUSS015W CW1 o Please DO NOT include your name or student number with in the file name or anywhere within your submission as marking is anonymous. 1.2. Assessment format and design: • Poster created in Power Point, Canva, Adobe Express, (click on 'Log in with school account' (use your UoW email address without 'MY'. Example: w1234567@westminster.ac.uk), MS Word or other software. • Reference list on a separate page. • Style: 2See Answer

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