assignment1econ3810fall2017(1).pdf

assignment1econ3810fall2017(1).pdf - TRENT UNIVERSITY...

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TRENT UNIVERSITY Department of Economics ECON / ERST 3810H FALL 2017 R. Turner Assignment # 1 Instructions: This assignment is due November 2 nd , 2017. Late assignments will not be accepted unless prior notification is discussed with the instructor and agreed upon. You are allowed to work in groups of 2! Submit one assignment per group and clearly state who worked on the assignment. Each person will receive the same mark. You are allowed groups of 3, however the third person must be of the other discipline (ie. 2 ECON and 1 ERS students). If you do not major in one of these 2 disciplines then please ask! This assignment is to be submitted through Blackboard. Grading : The total number of marks is 50 and each questions’ worth is in parentheses . This assignment is worth 15% of your final mark. Question 1 Suppose the government of a municipality is trying to determine how to deal with pesticide contamination of its water supply. It wants to undertake a benefit cost analysis of two alternative policy options for controlling pesticides: Upgrading its municipal water treatment plant to remove the pesticides, or Banning the use of the offending pesticides in the metropolitan area. Assume that either technique reduces the pesticides to a level that does not adversely affect human health. The costs of these control options are as follows: Municipal treatment upgrades: Capital costs = $20-million. The new plant is constructed over the course of the initial year. It starts operating at the end of this year. Once the
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