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Question
Consider the problem where urban and rural damage functions differ. The marginal damage cost equation for carbon monoxide (CO) in urban areas is equal to: MDCU = 20E The marginal damage cost equation for CO in rural areas is equal to: MDCR = 8E The marginal abatement cost equation for CO is the same in each area and is equal to: MAC = 600 - 4E Is there a uniform standard for carbon monoxide emissions that can be socially efficient in both urban and rural areas? Very briefly explain why or why not. What are the socially efficient individual standards for carbon monoxide? What is the total abatement cost in each area under this scheme?
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