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Econ02 - TA OfFce Hours • Jamie Mondays 11-12 Sequoyah...

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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 we’ll 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, we’ll frame the question in terms improvements in environmental quality, for example • Abatement of emissions to varying degrees • 100% abatement 㱻 no pollution • Protection of land to varying degrees • Bene¡ts 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...

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