Markets and rates are often tied to their intended

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a) Water rights, markets and rates are often tied to their intended use (e.g. commercial, agricultural, and residential) and out of use or out of basin water transfers are often prohibited. Why? b) Graphically and mathematically demonstrate how creating a market for trading water rights across uses (residential vs agricultural) could potentially increase the welfare (economic efficiency) of water allocation decisions. Assume water prices are high in residential use and low in agricultural use.

Reference no: EM131095986

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