Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 3, Problem 3IAPA
To determine
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Read the excerpt.
"The Maryland Department of Natural Resources has rescheduled public
hearings on whether to allow companies to build wind turbines In state
forests in Westem Maryland."
-Baltimore Sun, January 2008
The situation described in the news article illustrates a possible conflict
between finding alternative sources of energy and
A protecting the environment.
B funding national defense.
C enhancing the quality of education.
D promoting economic equity.
Economics
Alberta owns a nature preserve next to a coal mine. The mine produces dust that enters
a stream on its land but which later flows through Alberta's land. The dust in the stream
does about $20,000 of damage to Alberta's plants per year. The mine can clean up the
dust before it reaches the stream for about $12,000 per year. Alberta offers them
$15,000 per year to clean up the dust. What economic idea does this scenario
exemplify and why?
1) Identify a concept on your own from Douglas North and explain it in your own words. You need to CLEARLY identify the source (i.e. name of the book and page, or link of the video and time, or name and link of the website). (one paragraph)
2) How would you use this concept to explain an observation in your life, a historical event, a cultural norm or institution, a local/international problem, create a solution to an environmental issue, or to create a business opportunity? (one paragraph)
Chapter 3 Solutions
Foundations of Economics (8th Edition)
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- Citizens of Veridiania love eating and looking the flowers that grow in the town center. The workers in Veridiania can spend their time planting and tending flowers to enjoy or growing food for consumption. A worker in Veridiana can grow 2 bushels of food in a day or tend 100 flowers. The 15 residents of the city are each willing to forgo the consumption of 1 bushel of food for the enjoyment of 500 extra flowers. What are the private and public goods in this example? What is the MRS=MUfood/MUflowers? (How many flowers are they willing to give up to get one more bushel of food?) What is the MRT=MCfood/MCflowers (What is the cost of one bushel of food in terms of flowers given up? Is this allocation Pareto efficient? Should workers spend more or less time planting flowers? Why? If this allocation is not P.E., is government intervention necessary? Why or why not?arrow_forwardDefine public and private goodsarrow_forwardA5 Climate change requires a large reduction of greenhouse gases (GHG) in the atmosphere. Use the concept of public good to briefly explain why, despite a lot of talk about it, little is actually being done to achieve sufficient GHG reduction.arrow_forward
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