AEM 250 Lec 3 8-30-10 sv

AEM 250 Lec 3 8-30-10 sv - Water and Demand Why Water 1 An...

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Water and Demand: Why Water? 1. An Increasingly Scarce Resource : “The Proportion of people living in countries chronically short of water, which stood at 8% (500M) at e turn of the 21 t set to rise to 45% (4 billion) by 2050” the turn of the 21 st is set to rise to 45% (4 billion) by 2050 (Economist, May 22, 2010) 2. A Fundamental Right: In November 2002, the United Nations Committee on Economic, Social and Cultural Rights affirmed that access to adequate amounts of clean water for personal and domestic uses is a fundamental human right of all people . In its General Comment No. 15 on the implementation of Articles 11 and 12 of the 1966 International Covenant on Economic, Social and Cultural Rights, the Committee noted that “the human right to water is indispensable for leading a life in human dignity. It is a prerequisite for the realization of other human rights .” 3. An Economic Resource: “although water is special, both its provision and use will respond to economic and market signals” conomist July 17 2003) (Economist, July 17, 2003) 4. I do water.
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Demand Schedules, Curves, and Functions ( Ceteris Paribus ) • Demand Schedule : a tabular presentation showing the total quantity of a particular good that buyers wish to buy t each price eteris paribus at each price, ceteris paribus . • Demand Curve: a curve or graph showing the total quantity of a good that buyers wish to buy at each price, eteris paribus ceteris paribus . – Price (P) is on the vertical or ‘Y’ axis. – Quantity (Q) is on the horizontal or ‘X’ axis. • Demand Function : a mathematical relationship describing the total quantity of a good that buyers wish to buy at each price. – e.g., Water Demanded = 112.50 – 50 P (demand function) = c + d P or c – d P – Or, Price of Water = 2.25 – 0.02 Q (inverse demand function) = b + m Q or b – m Q
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Stralya’s Demand for Water (based on Hoffman, M., A. Worthington, and H. Higgs, 2006. “Urban Water Demand with Fixed Volumetric Charging in a Large Municipality: the Case of Brisbane, Australia.” The Australian Journal of Agriculture and
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This note was uploaded on 12/20/2010 for the course AEM 25 at Cornell.

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AEM 250 Lec 3 8-30-10 sv - Water and Demand Why Water 1 An...

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