ECON 1001 AB Introduction to Economics I Dr经济1001 AB经济学概论我博士. Kafu .pptVIP

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ECON 1001 AB Introduction to Economics I Dr经济1001 AB经济学概论我博士. Kafu .ppt

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ECON 1001 ABIntroduction to Economics IDr. Ka-fu WONG Last week of tutorial sessions KKL 925, KKL 1010, K812, KKL 106 Clifford CHAN KKL 1109 givencana@yahoo.ca Covered and to be covered Covered last week Dr. Wong finished up to slides of 51 of kf013.ppt You should have at least read up to Chapter 12 Externalities and Property Rights If not, please press hard on it. For your interest, you can also read Chapter 13 Economies of Information (not examinable) The final exam covers everything up to chapter 12, except for chapter 9. Format is similar to the first and second midterm To be covered in the tutorial sessions this week Problems in chapter 12: #1, #3, #4, #5, #8 and #9 You are advised to work on the even ones as well Problem #1, Chapter 12 Determine whether the following statements are true or false, and briefly explain why A) A given total emission reduction in a polluting industry will be achieved at the lowest possible total cost when the cost of the last unit of pollution curbed is equal for each firm in the industry B) In an attempt to lower their costs of production, firms sometimes succeed merely in shifting costs to outsiders Solution to Problem #1 (1) A) True Application of Equal Marginal Principle For optimal allocation of production, marginal cost should be the same across all the firms If one firm’s marginal cost is higher than the other’s, it is cost-minimizing to divert the production from the firm with a higher marginal cost to the firm with a lower marginal cost Solution to Problem #1 (2) B) True Notion of Negative Externality It refers to situation where producers do not bear the complete production cost and the leakage is borne by a three-party outside the market Consider an example of production that generates sewage The sewage is supposed to be collected by a municipal government at a per unit charge However, the manufacturer escapes from the discharge fee by pumping the sewage into a river The river gets polluted and the society then bear