1.In 2015 the country of Westeros experienced a population growth rate of 3%, an
ID: 1140366 • Letter: 1
Question
1.In 2015 the country of Westeros experienced a population growth rate of 3%, and an economic growth rate of 5%. How much did GDP per capita grow by in this time period?
2.Environmental economics and ecological economics di§er in their views of what contributes to economic productivity. What are the three additional factors ecological economists identify? Do you agree that these are important in economics growth? Why or why not.
3.After a recent investigation Dirty Production Co. had been found guilty of polluting the local water ways. The environmental authority has decided to tax the company in the form of a unit production tax. The authority has estimated that the social marginal cost of production is given by the equation P = 100 + 3Q, where Q is the quantity of the product and P is price measured in dollars. The companyis private marginal cost function is P = 30 + 3Q and social marginal beneOt is given by P =7002Q.
(a) Sketch these curves in price-quantity space. Be sure to indicate where the market solution and socially optimal solutions are.
(b) What is the total value of welfare in the economy?
(c) What unit tax amount will the authority impose in order to get Dirty Production Co. to internalize their full external pollution costs?
(d) How much of the tax do consumers and producers pay, respectively?
(e) What is the size of total welfare after the tax is imposed?
Explanation / Answer
1.
How much did GDP per capita grow by in this time period
=((1+5%)/(1+3%))-1
=1.94% or 2%
the above is answer..
we do only one question based on Chegg rule
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