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Answer 1

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1.Using the MEDF-MEAF approach draw the graph and carefully show and explain why too abatement leads to a decrease in overall social welfare . On second graph show and carefully explain why too little abatement also leads to a decrease in overall social welfare.

2. Draw a graph and show and explain the amount of emissions we get, as well as the losses to society as a whole, if we incorrectly overestimate the willingness to pay for a clean environment, draw another graph and show and explain the amount of emissions we get, as well as the losses to society, if we incorrectly underestimate the willingness to pay for a clean environment

3.draw a graph and discuss the use of a tax to decrease emissions and the incentive effect of the tax to potentially reduce emissions either totally or in part(and reveal higher output) relative to the pure tax payment effect. Make sure label all the curves and relevant points on it.