Suppose the total benefit and total costs to society of various levels of pollution reduction are as
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a. Complete Column (4).
b. Use optimization in levels to show that if the US Environmental Protection Agency (EPA) wants to maximize total net benefit, then it should require 3 units of pollution reduction.
c. Complete columns (5) and (6).
d. Show that the Principle of Optimization at the Margin would also tell the EPA to require 3 units of reduction.
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a b The highest value of Total Net Benefit in column 4 is 21 EPA achieves Tota...View the full answer
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