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Lec7 Coase - Efficient Polluting How to Get It Part 1...

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Efficient Polluting: How to Efficient Polluting: How to Get It, Part 1 Get It, Part 1
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Administrative Stuff Administrative Stuff MLK Day activities http://www.mlksymposium.umich.edu/ No Lecture or Discussion Monday 1/21 Sit in on another section, space allowing Read Article for discussion section Next homework to be posted Due Mon. 2/4 Last Add/Drop Day Wed. 1/25
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Last Time Last Time Efficient polluting Input choice problem
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Totals and Marginals Totals and Marginals Pollution* Pollution $ Costs Benefits Pollution, Unregulated Pollution $/Pollution Marginal Benefit Pollution, Unregulated Marginal Cost Pollution*
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Today: Addressing the Pollution Today: Addressing the Pollution Problem Problem The input problem, continued Market effects Coase
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How Much of Each Input to Use? How Much of Each Input to Use? Isocost Line: TC = w L L + w M M L = TC/w L – (w M /w L )M Machinery Labor Isoquant Q = 5 TC/w L -w M /w L L* M*
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Lec7 Coase - Efficient Polluting How to Get It Part 1...

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