436 Problem Set 7 SU19.pdf - Economics 436 Seventh Problem...

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Economics 436 Seventh Problem Set Summer 2019 Due July 18 th I. The Clean Air Act required the EPA to set National Ambient Air Quality Standards (NAAQS) for the criteria pollutants, A. What was the goal that the NAAQS were required to achieve? B. Explain why setting the NAAQS on this basis was not a sound basis for public policy. II. Explain why the method used to reduce emissions of pollutants from automobiles does not minimize abatement costs. III. The EPA did a retrospective benefit-cost analysis of the 1970 Clean Air Act for the period 1970- 1990. Briefly discuss what the results indicated concerning: A. Whether the benefits justified the costs. B. Whether air pollution was reduced by too much or too little. IV. Consider an agricultural region in which the average temperature is 69 ° and the best crop to grow is wheat. For a representative wheat farm, the relationship between profits, Π W , and average temperature, T, is given by Π W = 14,000T – 100T
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