Consider the following marginal net benefit curves for two water using agricultural farms we discussed in class(labeled A and B). There are two different water supply levels available in different years labeled by S0 and S1 1(B). How much water would user B receive if we efficiently allocated water under the S1 supply conditions? 1. If water is an input to agricultural production, what does your answer in part B suggest about who has more substitutes for water? Explain

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Problem 3: Agricultural Household Chantal lives with her husband and three children in the village of Gicymbi in Northern Rwanda. Her family is an agricultural household that produces beans for household consumption and if their production is more than what they consume, they sell the remaining in the local market of Gicumbi, If they produce less than they must consume, her household purchases beans from the local market. In this problem, we will answer how the welfare of Chantal's household gets affected when price of beans changes. (b) What happens to the well-being (utility) of Chantal's household, i.e., the total effect of a price change in beans is ambiguous. Explain in a few sentences using the concepts of price effect and profit effect. To complete the description of Chantal's household consumption, let us assume they consume two more items cassava and maize, which they do not produce. The following table provides the details of their production and consumption. Fill out the…

Suppose the given functions describe the market for artisanal single-batch maple syrup. If climate change would cause this market to collapse entirely*, what is the total market benefit of avoiding that environ- mental catastrophe? 7.5 2 Ps= 5+Qs *Extraction of syrup requires below-freezing nights and relatively warm days in the winter PD = 100 QD

Consider a two- period dynamic resource allocation problem where the efficient resource allocation implies a market price of $6 in the first period (i. e., P1 = 6). Assuming that the constant marginal extraction cost in both periods is $3 and that the social discount rate is 10% (i.e., r = 0.10), the socially efficient undiscounted market price in the second period (P2) must be (Hint: use the efficiency condition.) Question 10Answer a. $7 b. $6.30 c. $600 d. $6