AEM_250_Homework_2_fall_2008

AEM_250_Homework_2_fall_2008 - AEM 250 Environmental and...

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AEM 250: Environmental and Resource Economics Homework 2: Markets and Efficiency Distributed: Sept. 17, 2008, due in AEM 250 Red Box outside of Warren 104 by 9:30 A.M. on Sept. 26, 2008 (No late assignments will be accepted unless prior permission from Prof. Poe has been obtained. If you are having problems with some of the answers, you are advised to peruse the relevant gobbets on the course web site) 10 Points, with each question counting equally. All graphs should be clearly labeled and all other work legible. If we are unable to interpret your work, you will receive a lower score. 1. Suppose that Portage County, Wisconsin’s ground water was contaminated with nitrates, and that two consumers (C1 and C2) live in this famed “sand county”. Below are the individual demand functions for bottled water by the 2 consumers whose homes draw water from wells, where P indicates price and Q indicates quantity. Q
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AEM_250_Homework_2_fall_2008 - AEM 250 Environmental and...

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