Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Chapter 27, Problem 8E
To determine
The optimal amount of garbage.
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Define social benefit.
In writing about the increased popularity of national parks in the United States, such as Yosemite, Yellowstone, and
the Grand Canyon, environmental economist Margaret Walls wrote:
When one person's visit to a park doesn't appreciably diminish the experience for others, the fee to use the
park should be zero. That doesn't apply when the public good starts to experience congestion problems...the
Park Service should...[charge] a significantly higher fee at the most popular parks during the summer months.
Source: Margaret A. Walls, "Protecting Our National Parks: Entrance Fees Can Help," Resources, No. 193, Fall 2016.
Are Yosemite and other national parks public goods? Briefly explain.
A. Yes, they are public goods because national parks such as Yosemite are common resources that are often
overused.
B. No, Yosemite and other national parks are not public goods when congestion diminishes others'
enjoyment of them.
C. No, Yosemite and other national parks are not public goods because the…
How is food justice related to environmental justice?
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- A country is currently creating40 million tons of toxic waste per year. The table below shows the marginal costs and benefits of reducing the amount of toxic waste to various amounts. What level of toxic waste should the country reduce to?arrow_forwardWhat is the socially optimal output?arrow_forwardQUESTION 1 Consider the market for fast food. Suppose the demand for fast food is given by QD=6-P where P is the price of an item (a burger, say) in dollars. Also suppose the supply is given by QS=P. The equilibrium price in this market is The equilibrium quantity of fast food is Fast food produces a lot of waste in all of the packaging that goes along with it when taken to go. This waste produces negative externalities - the private cost of consuming fast food (it's price) is less than the marginal social cost, which includes the cost of having to dispose of the waste. Suppose that the additional cost to society from each item of fast food produced is 0.5 dollars. In this case, the socially efficient quantity of fast food isarrow_forward
- In competitive markets, we know that: P = MWTP P = MC MC = AC %3D P = Min AC Which result(s) implies that the outcome is socially optimal? Briefly explain.arrow_forwardwhat is ecomics?arrow_forwardWhich is an example of reducing the amount of waste created in the environment? Chase rides his bike to work. Bill keeps his cell phone charger plugged in when he goes to work. Lydia uses fertilizer instead of pesticides on plants. Michelle's furniture company burns trees instead of cutting them down.arrow_forward
- The following are some products that generate negative externalities. What are the negative externalities associated with these products? a)The construction of condominium buildings that involve pile driving b) Ocean-based farmed salmon production: c) Cigarettes use Excessive alcohol consumption d)Automobile use (especially powered by fossil fuel)arrow_forwardWhy is it socially efficient to set marginal benefits equal to marginal costs rather than abating until total benefits equal total costs?arrow_forwardCompare and contrast allocative efficiency with productive efficiency, and analyze whether the current food system is efficient from a societal standpoint. Specifically, in the market for factory - farmed products, compare the existing equilibrium with a socially optimal equilibrium. What would be the socially optimal levels of demand and supply? Please provide a graphical representation using a demand and supply graph to support your answer.arrow_forward
- How do property rights affect externalities and market failure? Do goods and services by definition have to be considered a property right? Are there any examples in which that may not be the case?arrow_forwardWhich of the following represents a social benefit? Group of answer choices The satisfaction of eating a strawberry ice cream. The total revenue a company gains from developing a new vaccine. All of the positive externalities from the invention of the laser All of the positive externalities a company receives from the implementation of a new technology that decreases the cost of production.arrow_forwardWhich of the following policies could help the government achieve the efficient outcome? Check all that apply. Introduce emission taxes Offer a subsidy to consumers equal to the vertical distance between the marginal private benefit curve and the marginal social benefit curve Implement tradable pollution permits Offer a subsidy equal to the price at the efficient outcome Offer a subsidy to producers equal to the vertical distance between the marginal private benefit curve and marginal social benefit curvearrow_forward
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