HW 1 Qs - AEM 250 Environmental and Resource Economics...

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AEM 250: Environmental and Resource Economics Homework 1 Distributed: Feb 2, 2007, Due by end of class on Feb. 9, 2007 10 Points (2.5 points per question). 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. Do economic growth and sound environmental policy necessarily conflict? Identify some areas where choice must be made between economic growth and environmental preservation and others where the two are compatible. (Be complete, but be sure to limit your response to less than one page.) 2. The following demand schedule shows the number of annual visits to Mono Lake, California for each day at a variety of prices (or costs). “Price” of Trips to Mono Lake Number of Visits per Year 60 0 50 30,000 40 60,000 30 90,000 20 120,000 10 150,000 0 180,000 a. Graph the demand for visits to Mono Lake. b. Derive a linear equation for the demand curve you graphed. c. Derive a linear equation for the corresponding “inverse demand” function.
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