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Upcoming in Class

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.

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Upcoming in Class

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  1. 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

  2. Homework 9 • Read “Bye, Bye Bison” by Daniel Benjamin. Explain the change in property rights that allowed the bison population to recover.

  3. 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.

  4. Homework 9 • Explain why the characteristics of timber make it both an output and capital good.

  5. Homework 9 • Graph the growth curve of timber. What the factors that affect this growth curve?

  6. Homework 9 • Explain the criterion used to determine the optimal age to harvest a stand of trees.

  7. Timber Revenues and Costs Over Time

  8. Optimum Harvest Period with Discounting

  9. 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.

  10. 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.

  11. 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

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