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MPE 781 Economics For Managers

tag 0 Download16 Pages / 3,959 Words
  • Course Code: MPE781
  • University: Deakin University

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: Australia

Questions:

 Assignment Overview: This assignment is based on an article pub-lished in The Economists’ Voice titled ‘Global Climate Change: A Challenge to Policy’, by a Nobel laureate Kenneth J . Arrow , in 2011.

Task:

Answer all questions.

  1. Motivate the reader to read the article by summarising the key assumptions and main points.
  1. According to Arrow, We are much better to act to reduce CO2emis-sion substantially than to su er and risk the consequences of failing to meet this challenge." { in light of the article and based on your own research, please explain why he suggests so. Speci cally, what sources of market failure are present? Apply the abstract possible solutions to this problem of global warming.
  1. In this article, the consumption discount rate, denoted by , is de ned as = + g . What do the terms and g  represent? Explain the intuition behind this equation. One critique says that any kind of uncertainty regarding g may lower the value of . Do you agree or disagree with the critique? What are the implications to the economy of having a lower value of , when human-induced global warming is occurring? Explain.
  1. Adam Morton, in his article titled Energy crisis: Wholesale power prices have doubled since the carbon tax was axed" published in the Sydney Morning Herald (dated the 9th March, 2017), has argued that the dramatic increase has been largely blamed on soaring gas prices and investment uncertainty over what power plants to build as age-ing coal generators shut down. If so then what are the implications regarding the value of for Australia? Explain.
  1. In the equation = + g , assume that is determined by an action of a social planner. Consider the event when U.S. President Donald Trump withdrew the U.S. from the Paris Climate Accord on June 1st, 2017. What are the implications regarding the value of for the world? Explain.
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