Question: 1. Explain what is meant by state preference study and give an example of one. Explain what is meant by a revealed preference study and

1. Explain what is meant by state preference study and give an example of one. Explain what is meant by a revealed preference study and give an example of one.

2. The class 6 handout shows the results of estimating a hedonic price regression for houses in Los Angeles, CA. What does this equation imply about the impact of a 10% reduction in TSP levels near the house on house price? Does this measure consumers' willingness to pay for cleaner air in Los Angeles?

3. Explain why reducing GHG emissions is a global public good. Why does this make reaching an international agreement to reduce GHG emissions difficult?

4. Explain intuitively why the optimal level of aggregate emissions would be where the Aggregate MAC and Aggregate MC curves cross.

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