View the step-by-step solution to:

Explain twp ways In which we can reduce the ecenemy's reliance an the Enyirunntent. Explain what a depesitrefund system is. including at least twp...

a) Suppose you decide to split the 100 units of X in a way that maximises an

additive social welfare function: W = UC + UM. How many units of X do the

cheerful people get and how many units do the mournful people get? i.e. find

XC and XM that maximises W, subject to the constraint.

b) Suppose, instead, you have a Rawlsian perspective with a social welfare

function: W = min(UC,UM). How many units of X do the cheerful people get and

how many units do the mournful people get?

c) Finally, suppose you are a Libertarian so care about having a process rather

than considering the outcome. How many units of X do the cheerful people get

and how many units do the mournful people get?

1. Explain twp ways In which we can reduce the ecenemy’s reliance an the Enyirunntent. 2. Explain what a depesit—refund system is. including at least twp ways that it reduces
negatlye erryirenrnentai Ernpacts. 3. Which wlll be
your answer. W Lt. Let p dennte prine and q dennte quantity demanded pf wild saln'I-an.
a} Using the data prev-titled in Table 1. pint the relationship between the quantity pf wild salmon and the marginal willingness te pay fnrJehn. Calculate the slupe
ufthis relatlnnship. harder ta manage. wntulatiye er mnrw'mtilati'u'e pollutants? Defend b] Mary's demand fnr wild saln‘len can he represented by: p = all — an. Flnt the
demand curve en the same graph as inhn's demand.
cl Suppnse the markEt price efwlld sainmn is 15. label and calculate the quantity Jnhn wlli censume and his censurner surplus at this price. De the same for
Mary. d] Eln a new graph. diet the aggregate demand curve fer wild salmen. 5. Supp-nee you are the State's new Premier. The penple in your state are at twp types: cheerlui people and meumful people [there are equal numbers at each
type]. ‘fn-u are trying tn decide haw tn dlylde 100 units of public seryices [it]
between the pet-pie in yeur State, Le. it: + it” = 1m- Cheerful til-apple have utility functinns U; = 21:“.
Mpurnful peupl'e haye utility functinns Up... = Kn“.

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
• -

Study Documents

Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

Browse Documents