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The Economics of the Environment

by: Kerrigan Unter

The Economics of the Environment ECON 1011

Marketplace > George Washington University > Economcs > ECON 1011 > The Economics of the Environment
Kerrigan Unter
GPA 3.0
Foster, I

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Foster, I
Class Notes
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This 1 page Class Notes was uploaded by Kerrigan Unter on Monday October 19, 2015. The Class Notes belongs to ECON 1011 at George Washington University taught by Foster, I in Summer 2015. Since its upload, it has received 9 views. For similar materials see INTRODUCTION TO MICROECONOMICS in Economcs at George Washington University.


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Date Created: 10/19/15
ECON 1011 Chapter 18 The Economics of the Environment Maximizing the Net Benefits of Pollution The bene ts we derive from pollution are indirect 11 Pollution and Scarcity Pollution situation that exists when human activity produces a sufficient concentration of a substance in the environment to cause harm to people or to resources valued by people Pollution implies scarcity 12 The E icient Level of Pollution The efficient level of pollution is the quantity at which its total bene ts exceed its total costs by the greatest possible amount This occurs where the marginal bene t of an additional unit of pollution equals its marginal cost As emissions increase the additional harm each unit creates becomes larger and larger the marginal cost curves are upward sloping 13 Property Rights and the Coase Theorem Coase theorem the proposition that if property rights are well de ned and if bargaining is costless then the private market can achieve an efficient outcome regardless of which of the affected parties holds the property rights 14 The Measurement of Benefits and Costs A demand curve for emitting pollutants shows the quantity of emissions demanded per unit of time at each price Its negative slope suggests that the rst units of pollution emit ted have very high marginal bene ts because the cost of not emitting them would be very high As more of a pollutant is emitted however its marginal bene t falls the cost of preventing these units of pollution becomes quite low The marginal cost curve for a pollutant shows the additional cost imposed by each unit of the pollutant


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