Environment First Homework

3 section 23 question 2 the cost for producing a

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3) Section 2.3 Question #2: The cost for producing a particular good or service decreases as the amount produced increases. How is this likely to affect incentives for the producer? The costs of products are often changing and the producers of that product have to adapt with those changes. If the cost for producing a particular good or service decreased as the amount produced increases, the producer will have a tough decision to make. If supply is high, that means that demand is low. With demand being low, the producer will
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most likely change their incentives and go in another direction even with the price of production being so low. 4) Section 2.4 Question #1: Contingent valuation of economic services is very controversial among economists. Describe two reasons for this controversy. Determining how valuable an ecosystem service is by surveying people about how much they would be willing to pay to preserve that service is referred to contingent valuation. By determining how much people are willing to pay to preserve these species or services, the organizations or government find out how much people will pay either directly or through taxes. The controversy coming from contingent valuation stems from the idea that these surveys illustrate how much each respondent is willing to pay compared to what they would actually pay. The other reason that these are controversial is due to the fact that respondents are heavily influenced by how much they know about particular ecosystem services because we assign greater value to thing we understand than things that we do not understand. 5) Section 2.4 Question #2: Some economists argue that ecological valuation of ecosystem services does not reflect their true value in an economic system. What is their reasoning? Rather than trying to determine how much people would be willing to pay for an economic system like contingent valuation, ecological valuation determines what the cost of a loss of an economic system would be. Often times, however, these costs or benefits are not noticeable until after the economic system is gone. The problem with this type of
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valuation is that many economists argue that it does not reflect the true value of the economic systems because without these systems, we would all die. And if we were to die without these economic systems, then in theory we would be willing to pay an infinite amount of money to preserve the systems and survive. Chapter 3 1) Section 3.1 Question #2: 3 H, the hydrogen isotope called tritium has a half-life of 12.32 years. What does this mean? Each isotope decays at a different rate. In the case of the hydrogen isotope called tritium, it has a half-life of 12.32 years. This means that it takes 12.32 years for half of the atoms of the isotope to decay, and it will continue to decay at that pace forever. Not all isotopes have a half-life of 12.32 years as they are all different and can vary anywhere from a few seconds to more than a billion years.
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