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I want you to complete this assignment

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1 ECON 2317 : Environmental E conomic s The University of Winnipeg Assignment 1 : due 2 February 202 3 Submission Instructions: Solutions should be handwritten on paper and submitted in person during class on 2 February 2023 . 1. Briefly explain the following: a. What do economists mean by an externality? Give two exampl es of externalit ies. b. Draw a product ion possibility curve with market goods on the vertical axis and environmental quality on the horizontal axis. Using this diagram, briefly de scribe the opportunity cost to society of attaining a higher level of environmen tal quality . c. Using a diagram with the relevant product ion possibility curves, br iefly describe how the implementation of cleaner technologies affect s the tradeoff to s ociety of attaining a higher level of environmental quality . d. Using a diagram with the rel evan t product ion possibility curves, br iefly describe t he concept of intergenerational eq uity. e. Consider two countries, A and B. Country A has a higher marginal willingness to pay curve for environmental quality . Does this necessarily mean that people in A val ue a cleaner environment more than people in B? Ex plain why or why not? (5 x 5 = 25 points) 2. Consider the following diagram for Good X showing the marginal social benefit (MSB) and the marginal social cost (MSC) . a. Re -draw the above diagram and labe l the socially efficient (or optimal ) outp ut level on the diagram as Q OPT . 2 b. Suppose that the level of output produced is 0 < QOPT < Q1. That is, Q1 represent s a positive out put level that is greater than QOPT . In the diagram you drew for part ( a), show the areas that represe nt t he following : (i) the total benefit of producing Q 1 (ii) the total cost of producing Q 1 (iii) the net benefit of producing Q 1 (iv) the deadweigh t loss associated with producing Q 1 (1+ 4 = 5 points)

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