Answer the following attachements The social cost of carbon (SCC) is an estimate of the dollar cost
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Answer the following attachements
The social cost of carbon (SCC) is an estimate of the dollar cost to society of emitting each additional tonne of carbon dioxide equivalent. Assume for now that the SCC is constant at $50 per tonne, and that the marginal abatement cost curve for carbon emissions in Canada is given by
MAC(e) = 200 ? 2e where e is carbon emissions measured in millions of tonnes.
(a) Find the unregulated quantity of carbon emissions. Hint: In the absence of regulation, the price of polluting is zero.
(b) Find the optimal Pigouvian carbon tax and associated socially optimal quantity of carbon emissions.
(c) Calculate the deadweight loss in the unregulated scenario.
(d) Assume the government implements a cap-and-trade program that limits total emissions at 80 percent of the unregulated quantity. Does this policy achieve the optimal quantity of carbon emissions? If not, calculate the deadweight loss associated with this policy (relative to the socially optimal outcome).
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