This question is a required question for the Final exam. …
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This questiоn is а required questiоn fоr the Finаl exаm. Long Problem #1. Four firms currently operate in a small town. They emit a total of 16 tons of pollution collectively. The city population has voted on a recent ballot to reduce emission coming from the four firms to 8 tons (a reduction of 8 tons). Emissions Reductions Total Cost for Emission Reductions in $’s In Tons Firm A Firm B Firm C Firm D 1 15 18 9 12 2 30 42 21 45 3 54 69 36 90 4 90 105 57 180 Using the Table above answer the following questions. Show all your calculations to get full credit and be sure to provide an explanation. (a) The city has ordered the four firms to reduce emissions by 2 units each. How much will this cost? Show how you calculated the total cost. (b) After finding out how much it would cost to have each firm reduce emissions by two units it has been suggested that there may be a cheaper way to reduce emissions by 8 tons. How much would this cost—this is the least cost solution. The lowest cost to achieve the goal? Show how you calculated the lowest cost. (c) An economist who lives in this small town has suggested to avoid all the hassle of deciding which firms should reduce emissions the city should just impose a charge (tax) of $23.00 for each ton of pollution emitted. Do you agree or disagree with the economists’ decision? Clearly explain why you disagree or agree with the economists recommendation. If you agree, why will this tax ($15.00) work? If you disagree, suggest a tax that will work. (d) A recent broadcast of an early morning talk show had a guest who uses both an electric car and an electric train to get to work in Los Angeles. He stated that because of this his travel to and from work is non-polluting. Explain why you agree or disagree with this statement.
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