Solution Manual for Environmental Economics, An Introduction, 2024 Release by Barry C. Field & Martha K. Field | Complete Answers to All Chapter Discussion Questions (Ch. 1-21)

EnvironmentalkEconomics,k2024kRelease




Instructor’s Manual to Accompany E
k k k k




NVIRONMENTAL ECONOMICS k



An Introduction k




2024 Release
k




Barry C. Field k k


University of Massachusetts Amherst
k k k




Martha K. Field Greenfiel k k k


d Community College
k k




©kMcGrawkHillkLLC.kAllkrightskreserved.kNokreproductionkorkdistributionkwithoutkthekpriorkwrittenkconsentkofkMcGrawkHillkLL
C.

,EnvironmentalkEconomics,k2024kRelease


Table of Contents
k k




Preface .................................................................................................................................. 2

SectionkI.kIntroduction

Chapterk1. WhatkIskEnvironmentalkEconomics? .................................................................... 4
Chapterk2. ThekEconomykandkthekEnvironment..................................................................... 6

SectionkII.kAnalyticalkTools

Chapterk3. BenefitskandkCosts,kSupplykandkDemandk....................................................... 9
Chapterk4. Markets,kExternalities,kandkPublickGoodsk...................................................... 15
Chapterk5. ThekEconomicskofkEnvironmentalkQuality..................................................... 19

SectionkIII.kEnvironmentalkAnalysis

Chapterk6. FrameworkskofkAnalysisk.................................................................................. 24
Chapterk7. Benefit–CostkAnalysis:kBenefits...................................................................... 28
Chapterk8. Benefit–CostkAnalysis:kCostsk.......................................................................... 34

SectionkIV.kEnvironmentalkPolicykAnalysis

Chapterk9. CriteriakforkEvaluatingkEnvironmentalkPolicies............................................... 37
Chapterk10. DecentralizedkPolicies:kLiabilitykLaws,kPropertykRights,kVoluntarykAction... 41
Chapterk11. Command-and-ControlkStrategies:kThekCasekofkStandardsk............................. 47
Chapterk12. Incentive-BasedkStrategies:kEnvironmentalkChargeskandkSubsidiesk............... 53
Chapterk13. Incentive-BasedkStrategies:kMarketkTradingkSystemsk..................................... 57

SectionkV.kEnvironmentalkPolicykinkthekUnitedkStates

Chapterk14. FederalkWaterkPollution-ControlkPolicyk.......................................................... 62
Chapterk15. FederalkAirkPollution-ControlkPolicy............................................................... 67
Chapterk16. FederalkPolicykonkToxickandkHazardouskSubstancesk....................................... 71
Chapterk17. StatekandkLocalkEnvironmentalkIssuesk............................................................. 75

SectionkVI.kGlobalkEnvironmentalkIssues

Chapterk18. GlobalkClimatekChange ....................................................................................... 78
Chapterk19. InternationalkEnvironmentalkAgreements............................................................ 82
Chapterk20. Globalization ....................................................................................................... 85
Chapterk21. EconomickDevelopmentkandkthekEnvironment .................................................... 88




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©kMcGrawkHillkLLC.kAllkrightskreserved.kNokreproductionkorkdistributionkwithoutkthekpriorkwrittenkconsentkofkMcGrawkHillkLL
C.

,EnvironmentalkEconomics,k2024kRelease


Preface
EnvironmentalkEconomics,kAnkIntroductionkiskdesignedkaskaktextkforkakone-
ksemesterkcourse.kItkiskbasedkonkcourseskwekhavektaughtkforkmanyk years,kcourseskpredicatedk

onktheknotionkthatktheksubjectkiskinterestingkandkimportantkenoughktokbekpresentedktokakwidek
audiencekofklower-
divisionkstudents,kratherkthankdelayedkuntilkstudentskhaveknegotiatedkaksetkofkprerequisitekco
urses.kThus,kthekbookkiskmeantktokbekusedkbykstudentskwhokhaveknotknecessarilykhadkanykeco
nomicskyet.kNevertheless,kthekbookkiskintendedktokhavekakdistinctlykanalyticalkperspective.kG
ivenkthesekobjectives,kit’sknecessaryktokfocuskonkaklimitedknumberkofkprimarykconcepts―inc
entives,kefficiency,kthekequimarginalkprinciple,kcost-
effectiveness,kandksokon.kIt’skalsoknecessary,kinktheklaterkchapterskonkdomestickandkinternati
onalkenvironmentalkpolicy,ktokconcentratekonkthekmainkstorieskandkavoidkgettingkdrawnkintok
thekendlesskdetailskthatktheseksubjectskcontain.

Afterkthekfirstktwokintroductorykchapters,ktherekarekthreekchapterskonkthekmostkbasicko
fkeconomickprinciples.kThesekarekprobablykaboutkthekminimumkforksomeonekwhokhaskneverk
hadkanykeconomics.kInkwritingkthesekchapters,ktherekwaskakcontinuingktemptationktokgokforka
kslightlykhigherklevelkofksophistication.kWektriedkverykhardktokresistkthis,ktokkeepkclearlykinkm

indkthektypekofkstudentkforkwhomkthekbookkiskprimarilykintended.kWekwouldkhopekthatkstude
ntskwhokhavekhad,ksay,kintroductorykmicro,kwouldkfindkthesekchapterskakusefulkreview.

Inkthiskinstructor’skmanual,kwekhavekworkedkthroughkeachkofkthekchapters,kdiscussin
gk(a)kupdateskofksubjectskthatkareknewktokthekchapterkinkthiskedition,k(b)kthekobjectiveskofkeac
h,k(c)kmainkideaskcovered,k(d)kpointskofkdiscussionk(cautions,ktechniqueskwekhavekfoundkuse
ful,kpossiblekextensions,ketc.),kandk(e)kbriefkanswersktokeachkofkthekquestionskforkfurtherkdisc
ussion.

Thekbookkisk21kchaptersklong,kperhapsktooklongkforkstudentsktokgetkthroughkcomplete
lykunderknormalkcircumstances.kThekbookkiskdividedkintoksectionsksokthatkdifferentkinstructo
rskcankemphasizekthekmaterialktheykfindkmostkuseful.kAfterkhavingkgonekthroughkSectionskIka
ndkII,kyoukmaykwishktokpickkandkchoosekchapterskfromkthekotherksectionskdependingkonkthekr
elativekemphasisk youk wishktokputkon:k(a)kbenefit–costkanalysis,
(b)kpolicykanalysis,k(c)kU.S.kenvironmentalkpolicy,kandk(d)kinternationalkissues.

Thekquestionskatkthekendkofkthekchapterskarekcalledk―discussion‖kquestions,kbutkthey
arekperhapskmorekspecifickthankthisklabelkimplies.kForkthekmostkpart,ktheykareknotkmeantktokl
k

eadktokopen-
endedkdiscussionkbutkhavekanswerskthatkwekhopekarekmorekorklesskcorrect.kTheykarekdesigne
dktokleadkstudentsktowardkmakingkmodestkextensionskofkthekideaskcovered,kwhichkshouldkhel
pkthemkbothkreviewkthekmaterialkandkperhapskthinkkmorekdeeplykaboutkit.

Thekexhibitskpresentedkthroughoutkthekchapterskarekforkthekpurposekofkillustratingkpo
intskinkthektext.kThekobjectivekisktokshowkstudentskthatkthekeconomickideaskwekarekdiscussing
kinkthekclassroomkarekactuallykatkworkkinkthekrealkworld.


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©kMcGrawkHillkLLC.kAllkrightskreserved.kNokreproductionkorkdistributionkwithoutkthekpriorkwrittenkconsentkofkMcGrawkHillkLL
C.

, EnvironmentalkEconomics,k2024kRelease


AppendixkAkofkacronymskandkabbreviationskiskupdated.kWekrecommendkhighlightin
gkthiskfeaturekforkstudents.kAkshort,kmatchingkquizkofkaboutk10kofkthekmostkusedkacronymskor
kabbreviations,klikekthekEPA,khelpskplugkstudentskintoktheklingokofkenvironmentalkeconomic

s.

AppendixkBkiskaklistkofkwebsites,kwhichkcankbekfoundkinkthekInstructor’skResourceska
reakofkConnect.

Thek2024kReleasekofkthekbookkpreserveskthekbasickstructurekofkthekearlierkeditions.
Somekofktheknewkmaterialkwekhavekaddedkincludes:

 ForeverkChemicalsk(PFAS) Chapterk16
 ToxicskandkDrinkingkWaterkContamination Chapterk14
 CircularkEconomy Chaptersk2kandk17
 NaturalkCapital Chapterk2
 EconomicskofkTechnicalkChange Chapterk5
 PariskAgreementkandkSubsequentkCOPkMeetings Chaptersk18,k19,kandk21
 EnvironmentalkJustice Chaptersk9kandk16
 EconomicskofkSubsidiesk&kthekInflationkReductionkAct Chapterk15
 CarbonkOffsetkMarkets Chapterk13
 ElectrickVehicleskandkEnergykIntensity Chapterk15
 GreenkTechnologykTransferkandkDevelopingkCountries Chapterk21




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©kMcGrawkHillkLLC.kAllkrightskreserved.kNokreproductionkorkdistributionkwithoutkthekpriorkwrittenkconsentkofkMcGrawkHillkLL
C.