1. Individuals come under overlapping jurisdictions from many different
governments. Detail how you specifically help fund and receive benefits from at least three different levels of government under whose jurisdiction you fall.
2. The US is the world leader in weather reporting, providing benefit to the US and many other countries as well. There is huge external benefit to providing this to the world at large. However, there is a huge cost as well and most of it is borne by the US. US citizens pay taxes that support weather reporting that benefits many countries that do not share in the cost. Should we charge them? Should we refuse to provide information to free riders? Discuss.
3. Discuss pollution in the following context: a) What are the social benefits of curbing/abatement of pollution? b) What are the social cost of curbing/abatement of pollution (yes, there are some)? c) How can marginal cost and “abatement” be used to help select the optimal point for regulating pollution?
4. Critical Thinking: Consider a class of 25 Microeconomics students, some of whom are confused about a concept after a professor explains it. A student who reveals his confusion by asking a question loses 10utils. However, when the professor clarifies the concept, each confused student benefits 2utils.
At what level of confusion (number of confused students) is a question from a confused student socially efficient?
Without participation incentives, will a confused student ask a question when it would be socially efficient? How will they know it is socially efficient?
How would you design an incentive system to generate questions from confused students?
The above links to an article on Water pollution in Iowa and should have implications for anyone living in agricultural areas. (cut and paste into new tab)
Discuss the economic implications of cleaning up the nitrates...for example, cost to utilities and farmers...who ultimately pays the bill? Remember to reply and comment to one/two of your peers.
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