Hello, I really need help solving these questions. My TA canceled office hours a

Question

Hello, I really need help solving these questions. My TA canceled office hours and discussion and I am unsure of how to solve these problems. Thank you.

MAC MD Pollution level Po Upregulated Pollution Tevel 1.4 (2 points) What is the total damage cost under the standard policy? a.A b. B C. A+B d. A+B+C 1.5 (2 points) What is the total tax cost under the standard policy? a. There is no tax cost under the standard policy b. B c.C d. B+C 1.6 (2 points) What is the total tax cost under the tax policy? a. There is no tax cost under the tax policy b. B C. 1.7 (4 points) What is the total social cost under tax policy? a. A+2B+C b. A+B c. B+C d. A+B+C 1.8 (4 points) What is the total social cost under standard policy? a. A+2B+C b. A+B c. B+C d. A+B+C 1.9 (2 points) Which environmental policy is more socially efficient? a. Tax b. Standard c. Both tax and standard policies are equally efficient 1.10 (4 points) What is the difference in social cost between the tax policy and the standard policy? a. A+B+C b. B+C c. A+C

Explanation / Answer

1.4 Total Damage = A+B. option (c)

1.5 No tax. Option (a)

1.6 Total Tax = C+B. option (c)

1.7 Total Social cost = Total Damage =B +(A+B+C) = A+2B+C. option(a)

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