110 likes | 216 Views
Upcoming in Class. Homework #9 Due Wednesday Quiz #4 Wednesday Group Outline Due today by 5pm Exam #4 – Nov. 20 th Homework #10 Group Presentations – Dec. 2 & 4 Groups 1,2,3 – Dec. 2 nd Groups 4,5,6 – Dec. 4th. Homework 9.
E N D
Upcoming in Class • Homework #9 Due Wednesday • Quiz #4 Wednesday • Group Outline Due today by 5pm • Exam #4 – Nov. 20th • Homework #10 • Group Presentations – Dec. 2 & 4 • Groups 1,2,3 – Dec. 2nd • Groups 4,5,6 – Dec. 4th
Homework 9 • Read “Bye, Bye Bison” by Daniel Benjamin. Explain the change in property rights that allowed the bison population to recover.
Homework 9 • Open-access regulations (permits, taxes, technology restrictions) and limited-entry regulations(ITQs, private ownership) are both intended to reduce the problems that result from unregulated open access to a fishery. However, economists argue that limited-access regulations are preferred to open-access regulations on efficiency grounds. Explain why.
Homework 9 • Explain why the characteristics of timber make it both an output and capital good.
Homework 9 • Graph the growth curve of timber. What the factors that affect this growth curve?
Homework 9 • Explain the criterion used to determine the optimal age to harvest a stand of trees.
How do the following affect the optimal harvest age? Increase in planting costs. Increase in harvesting costs A per-unit tax levied on each cubic foot of timber.
Harvesting costs’ affect on the Optimal Age of Harvest • Harvesting costs are discounted and are proportional to the amount of timber harvested. • The net benefit of a unit of wood harvested at any age is the price of the wood minus the marginal cost of that unit. • A tax levied on each cubic foot of wood harvested would simply raise the marginal cost of harvesting by the amount of the tax.
Upcoming in Class • Homework #9 Due Wednesday • Quiz #4 Wednesday • Group Outline Due today by 5pm • Exam #4 – Nov. 20th • Homework #10 • Group Presentations – Dec. 2 & 4 • Groups 1,2,3 – Dec. 2nd • Groups 4,5,6 – Dec. 4th