Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 17, Problem 8P
To determine
To list out the 4 laws enacted by the US government to protect the environment
Concept Introduction:
The rules and regulations put in force by the government to protect the natural resources from getting polluted and exhausted is known as the Environment Protection Act. The primary intention of the government is to reduce pollution and consumption of non-renewable resources and conserve them for prolonged use.
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8. (Environmental Protection) Four federal laws and subse- quent amendments underpin U.S. environmental protec- tion. Identify these laws.
write a explanation about UN sustainability goals 8 and 12 and elkington's triple bottom line and what these entail. (400 words)
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Name:
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25
1 Fertilizing Fish
When farmers fertilize their fields, the nitrogen from the fertilizer can get washed into streams which then
feed into larger rivers. This "runoff" can cause damage to ecosystems and reduce the number of fish that
can be caught by fishermen farther downstream.
20
Who are the producers of fertilizer?
Who are the consumers of fertilizer?
Who are the third parties affected by the externality?
The graph below shows the market for fertilizer where P=2+0.5Q, and P = 20 - Qd.
The marginal external cost of fertilizer = Q. This means, for example, if 3 units of fertilizer are used then
the last unit of fertilizer causes fishermen to suffer a $3 loss...however, they are worse off by $1 from the
first unit and $2 from the second unit as well for a total welfare loss of $6.
What is the equation for your new curve?
Label the curves on the graph, indicating if they're S or D, private or social. Draw & label a new curve
demonstrating the externality.
15…
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