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Question 1 draw on graph also details M is a flowuniformly-mixing pollutant. Its release allows...

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Economics

Question 1 draw on graph also details M is a flowuniformly-mixing pollutant. Its release allows to generate marginalbenefits B^(')(M)^("Actual ") to polluters and consumers in theform of consumers and producers surplus and generates marginaldamages D^(')(M). The true marginal benefits are not known to thedecision maker, who believes that the marginal benefit curve isB^(')(M)^(GOV). Identify the socially optimal level of pollutionM^(**) and briefly discuss the result. Evaluate (graphically) thedeadweight loss if the government sets a standard (command-and-control) given the information at its disposal. Evaluate(graphically) the deadweight loss if the government sets apigouvian tax given the information at its disposal. Brieflydiscuss the results.

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