Tr and tc curves explain-open-access optimum, Public Economics

Explain the following:

(Critically Depensated) Growth Function

                        Sustainable Yield Functions

                        Logistic Growth Function                   

                        Riperian method of water allocation

                        Water allocation pricing structures

                        Marginal cost of a depletable resource (inter-temporal model)

                        Net Marginal Benefit

                        Hotelling's rule

                        Choke price

                        Sources of water pollution


                        Super fund


                        Common good


1. Using TR and TC curves explain the following concepts: open-access optimum, marginal -sustainable yield and economic optimum for renewable-resource use such as clamming.

2. In case of a renewable resource use, Open access optimum will most likely yield an extraction level higher than the maximum sustainable yield.  Explain and support graphically that, with well-defined ownership, the economic optimum could result within the bounds of sustainable yield.

3. Explain with the help of a graph that when a forest should be harvested.

4. Explain and show graphically that, in an inter-temporal model (more than one period), some of a depletable resource such as oil is saved for future use. Also explain that if the future expected value is discounted consumption in the first period will increase.

5. Explain and support graphically that as the substitutes for a depletable resource improves (declining MC), it is possible that as time passes the resource will gain prominence.

6. Explain the issues pertinent to water (mostly potable).

7. Explain the conventional methods used in the allocation of water.

8. Explain the bargaining model in resolving environmental conflicts.

9. Explain dispute resolution and the methods of dispute resolution

10. Explain the anthropocentric ethical issues as they relate to environmental issues.

11. Explain approaches reflecting eco-centric morality.

Posted Date: 2/20/2013 7:24:37 AM | Location : United States

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