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What are the four core concepts of environmental economics? Briefly discuss each concept.
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- what is ecomics?How would an economist answer the question: "What is the socially best amount of pollution control?" Will that likely be zero pollution?In environmental economics: Suppose that society wants to reduce the quantity of discharged residuals into the natural environment, what are 3 ways to do so? What are some obstacles that could be associated with each one?
- In what ways is pollution still a problem?Externalties are when ?From CNN what news article represents an issue ragards to Externalities or that can be realted to externalities? Cite at least one source (News Article, Video, etc.) for any data. Explain: What is the Economic issue? (Describe the issue) What is the connection to Externalities? (positive, negative, policy) (Use Math, Graph or data to explain or support your idea) Explain how this affects the Economy (individual, industry, national or global)
- Briefly explain the relevance of the first theorem of welfare economics in the field of environmental economics.What is an externality? Provide two examples each of positive and negative externalities.Economists Kenneth Chay and Michael Greenstone found that in the two years following the passage of the Clean Air Act of 1970, the sharp reduction in air pollution also led to a decline in infant deaths. Although this and other studies provide compelling evidence of the link between pollution and infant health, it is not clear that reductions from the much lower levels of ambient pollution today would have the same effect. Which of the following reasons could explain this? A. Today, the level of pollution is much higher. Therefore, it will take a much larger reduction in air pollution to reap benefits similar to those in 1970. B. When levels of pollution are high, the marginal benefit of reducing pollution also is high. It follows therefore that the benefit of reducing air pollution in 1970 would be much higher than the benefit from a proportional reduction in air pollution today when the level of pollution is much lower. C. When levels of pollution are…