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(a) Define the term optimal pollution level
(b) List two market based economic efficient policies for achieving optimal pollution levels
(c) Using a graph of marginal cost of pollution control and marginal benefit of reducing pollution (Marginal cost of damage):
(i) Show the optimal pollution level. (Label both axes of the graph and each curve drawn on your graph)
(d) With the aid of the graph, briefly explain why it is not economically efficient to control for pollution at:
(ii) Levels less than the optimal quantity of pollution (what happens when we control for one less unit of pollution than necessary).
(iii)Levels more than the optimal quantity of pollution (what happens when we control for one unit of pollution than necessary)
whenever the same efforts must be made to uncork also pour both bottles.
Explain why is it important to take into account changes in the participation rate and in the ratio of full to part time employment in assessing the economic and social impact of changes in the unemployment rate.
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Expansionary monetary policy, or an "easy money" policy by the Fed..
Suppose someone stated that the Heckscher-Ohlin model is best-suited for explaining trade between developed countries and developing countries, while newer theories such as those of Linder and Krugman are best-suited for explaining trade among develo..
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