final_09_sol - University of Toronto Faculty of Arts and...

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University of Toronto Faculty of Arts and Science December Examinations 2009 ECO314H1F - Turner Duration - 2hours Examination Aids: No notes or books are allowed, but you may use a calculator. Please turn your cell-phones off. There is an automatic 5 point penalty for anyone working on their exam after the end of the exam is announced. The exam is worth 100 points in all. When you write up your answers, your goal should be to (1) be correct, and (2) con- vince your reader that your answer is correct. Answers which do not achieve these goals will not be awarded full credit. To accomplish the second objective, it is helpful if your work is legible and if all steps are presented, possibly with a line of explanation. 1. Let T denote a stock of South American forest. Suppose that each unit of forest sequesters s tones of atmospheric carbon each year and that the social value of each ton of sequestered carbon is v (estimates of v typically range between 20$ and 100$).
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