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QUESTION 10 Plastic bags take up to 1000 years to decompose in landfills, and end up in oceans where they are highly hazardous to marine life. The Australian Government is aiming to reduce Australia's plastic waste to 30% below 2020 waste levels by 2030. Reforms A Plastic waste change (compared to 2020 levels) by 2030. 10% increase Total cost for industries to introduce reform measures (billions of dollars) 0 C D 30% reduction 50% reduction B No change 0.3 1.2 1.5 a. One possible solution to reduce plastic waste would be to make the marginal private cost of plastic waste more closely reflect the marginal social cost. This would be achieved by the Government Type T for increasing company Tax, P for increasing Personal tax, W for introducing a tax on plastic waste or B for Building more landfill stations. b. Imagine the Government decided to implement a system using market based instruments to price plastic waste. Firms would have to buy the right to produce plastic waste that exceeded levels in 2020. What is the minimum total cost of introducing the instruments to reduce plastic waste to achieve the goal (in billions of dollars to one decimal place)? $ billion. c. If the Government decided to force firms to shut down if they exceeded their plastic waste limits, would this be efficient? Туре Y for Yes or N for No.

QUESTION 10 Plastic bags take up to 1000 years to decompose in landfills, and end up in oceans where they are highly hazardous to marine life. The Australian Government is aiming to reduce Australia's plastic waste to 30% below 2020 waste levels by 2030. Reforms A Plastic waste change (compared to 2020 levels) by 2030. 10% increase Total cost for industries to introduce reform measures (billions of dollars) 0 C D 30% reduction 50% reduction B No change 0.3 1.2 1.5 a. One possible solution to reduce plastic waste would be to make the marginal private cost of plastic waste more closely reflect the marginal social cost. This would be achieved by the Government Type T for increasing company Tax, P for increasing Personal tax, W for introducing a tax on plastic waste or B for Building more landfill stations. b. Imagine the Government decided to implement a system using market based instruments to price plastic waste. Firms would have to buy the right to produce plastic waste that exceeded levels in 2020. What is the minimum total cost of introducing the instruments to reduce plastic waste to achieve the goal (in billions of dollars to one decimal place)? $ billion. c. If the Government decided to force firms to shut down if they exceeded their plastic waste limits, would this be efficient? Туре Y for Yes or N for No.

Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter14: Environmental Economics
Section14.2: Achieving Environmental Efficiency
Problem 2.2GE
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QUESTION 10 Plastic bags take up to 1000 years to decompose in landfills, and end up in oceans where they are highly hazardous to marine life. The Australian Government is aiming to reduce Australia's plastic waste to 30% below 2020 waste levels by 2030. Reforms A Plastic waste change (compared to 2020 levels) by 2030. 10% increase Total cost for industries to introduce reform measures (billions of dollars) 0 C D 30% reduction 50% reduction B No change 0.3 1.2 1.5 a. One possible solution to reduce plastic waste would be to make the marginal private cost of plastic waste more closely reflect the marginal social cost. This would be achieved by the Government Type T for increasing company Tax, P for increasing Personal tax, W for introducing a tax on plastic waste or B for Building more landfill stations. b. Imagine the Government decided to implement a system using market based instruments to price plastic waste. Firms would have to buy the right to produce plastic waste that exceeded levels in 2020. What is the minimum total cost of introducing the instruments to reduce plastic waste to achieve the goal (in billions of dollars to one decimal place)? $ billion. c. If the Government decided to force firms to shut down if they exceeded their plastic waste limits, would this be efficient? Туре Y for Yes or N for No.
Transcribed Image Text:QUESTION 10 Plastic bags take up to 1000 years to decompose in landfills, and end up in oceans where they are highly hazardous to marine life. The Australian Government is aiming to reduce Australia's plastic waste to 30% below 2020 waste levels by 2030. Reforms A Plastic waste change (compared to 2020 levels) by 2030. 10% increase Total cost for industries to introduce reform measures (billions of dollars) 0 C D 30% reduction 50% reduction B No change 0.3 1.2 1.5 a. One possible solution to reduce plastic waste would be to make the marginal private cost of plastic waste more closely reflect the marginal social cost. This would be achieved by the Government Type T for increasing company Tax, P for increasing Personal tax, W for introducing a tax on plastic waste or B for Building more landfill stations. b. Imagine the Government decided to implement a system using market based instruments to price plastic waste. Firms would have to buy the right to produce plastic waste that exceeded levels in 2020. What is the minimum total cost of introducing the instruments to reduce plastic waste to achieve the goal (in billions of dollars to one decimal place)? $ billion. c. If the Government decided to force firms to shut down if they exceeded their plastic waste limits, would this be efficient? Туре Y for Yes or N for No.
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