Econ02 - TA OfFce Hours Jamie: Mondays 11-12, Sequoyah Hall...

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Unformatted text preview: TA OfFce Hours Jamie: Mondays 11-12, Sequoyah Hall 208 Marina: Wednesdays 11-12, Sequoyah Hall 238 Anthony: Thursdays 2-3, Economics 122 Today Ch. 2 in Keohane and Olmstead Problem Set 1 handed out Optional, but good practice Covers material from this week Due 10/5 (in a week) Not graded, but well post suggested answers Reading for next time Ch. 3 of Keohane and Olmstead Net BeneFts Net beneFts are just what is left over after all the costs have been incurred and beneFts realized, i.e. beneFts minus costs Works like most other decisions in economics Example from the book Economist goes on vacation: Option Price (cost) Enjoyment (beneft) Net beneft Tent 400 550 150 Cabana 600 900 300 Cabana+ 850 1100 250 Deluxe 1250 1250 Back to the environment For now, well frame the question in terms improvements in environmental quality, for example Abatement of emissions to varying degrees 100% abatement no pollution Protection of land to varying degrees Benets come from enjoying the improved environment Costs come from things we give up, and effort we have to make, in order to abate emissions or protect land Total Abatement Cost Why do we think this is usually convex as drawn?...
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Econ02 - TA OfFce Hours Jamie: Mondays 11-12, Sequoyah Hall...

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