Question: Consider a policy proposal to impose more stringent controls on automobile tailpipe exhausts. Distinguish between the explicit and implicit costs of this proposal, and support

Consider a policy proposal to impose more stringent controls on automobile tailpipe exhausts. Distinguish between the explicit and implicit costs of this proposal, and support your discussion with several specific examples of each.

2. Of the two approaches to cost estimation, which in your view likely produces the most reliable estimates? Explain.

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