Question
1. When resources are used in which the cost is not charged to an individual, it becomes a social cost, and hence an externality to
1. When resources are used in which the cost is not charged to an individual, it becomes a social cost, and hence an externality to the society for which you and I would have to pay. How would you solve this problem for the society?
2. As long as we consume resources in this world, there will always be some marginal benefit and marginal cost attached. What is the optimal level of pollution or externality that is acceptable to you or the society?
3. Many environmentalists, climate scientists and governments in the world are concerned about global warming and the short and long-term impact on our society and living beings. What is the Paris climate accord is all about, and what should be your own contribution(s) to this world's efforts on climate change?
4. What is your opinion about endangered species in terms of efforts to protect wild lives?
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