cmserver-13 - Econ 1110 Introduction to Microeconomics...

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Econ 1110 Introduction to Microeconomics Professor Richard V. Burkhauser 10 Externalities
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Econ 1110 – Professor Burkhauser Experiment This Week Experiment Times: September 28 th at 3:00pm, 7:30pm, and 10:15pm Post-Experiment Due: September 30 th at 3:00am Note: Your grades will be pending in Aplia until the official due date of the assignment.
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Prelim 1 Thursday October 6 th Regular Time Test: 7:30-9:30pm Seung, Jun and Dennis’s Sections: Ives 305 Adrian and Jooyeon’s Sections: Morrison 145 Early Time Test: 5:15-7:15pm Ives 105 (not SDS) Must have approval from Sean Must stay the entire 2 hours If you handed in an SDS form: 5:15pm Rockefeller 102 There are varying times that you all will end, but you will have the time allotted to you as prescribed in your SDS form. Econ 1110 – Professor Burkhauser
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Two Prelim 1 Review Sessions • Session 1 – Monday, October 3 rd 7:30- 9:00pm in the Statler Auditorium • Session 2 – Tuesday, October 4 th 5:00- 6:30pm in the Statler Auditorium These Sessions replace class on Wednesday October 5 th Econ 1110 – Professor Burkhauser
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Econ 1110 – Professor Burkhauser Key Concepts • Externality, p. 196 • Internalizing an externality, p. 199 • Corrective tax, p. 203 • Coase theorem, p. 210 • Transaction costs, p. 212
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Figure 10.1 Pollution and the Social Optimum Equilibrium Quantity of Aluminum 0 Price of Aluminum Demand (private value) Supply (private cost) Social cost Q OPTIMUM Optimum Cost of pollution Q MARKET Demand Tax
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Econ 1110 – Professor Burkhauser Question 10.1: Beneficiaries of a Pollution Tax The major beneficiaries of a tax on the output of sulfur dioxide in the production of plastic dolls are: a) consumers of dolls b) producers of dolls c) workers in doll factories d) those who value clean air
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Econ 1110 – Professor Burkhauser Question 10.2 Market for Pollution • The table below gives the cost schedule for reducing sulfur dioxide emissions: Per Unit Cost of Eliminating Firms A B C D First unit $100 $200 $500 $800 Second unit $200 $400 $550 $1,000 Third unit $300 $600 $700 $2,000 Fourth unit $600 $700 $900 $4,000
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cmserver-13 - Econ 1110 Introduction to Microeconomics...

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