4 the economics of the public sector. copyright © 2006 thomson learning 10 externalities

4 THE ECONOMICS OF THE PUBLIC SECTOR

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THE ECONOMICS OF THE PUBLIC SECTOR

1010Externalities

Page 3: 4 THE ECONOMICS OF THE PUBLIC SECTOR. Copyright © 2006 Thomson Learning 10 Externalities

Figure 1 The Market for Aluminium

Quantity ofAluminum

Price ofAluminum

Equilibrium

Demand(private value)

Supply(private cost)

QMARKET

Page 4: 4 THE ECONOMICS OF THE PUBLIC SECTOR. Copyright © 2006 Thomson Learning 10 Externalities

Figure 2 Pollution and the Social Optimum

Equilibrium

Quantity ofAluminum

Price ofAluminum

Demand(private value)

Supply(private cost)

Socialcost

QOPTIMUM

Optimum

Cost ofpollution

QMARKET

Page 5: 4 THE ECONOMICS OF THE PUBLIC SECTOR. Copyright © 2006 Thomson Learning 10 Externalities

Figure 3 Education and the Social Optimum

Quantity ofEducation

Price ofEducation

Demand(private value)

Socialvalue

Supply(private cost)

QMARKET QOPTIMUM

Page 6: 4 THE ECONOMICS OF THE PUBLIC SECTOR. Copyright © 2006 Thomson Learning 10 Externalities

Figure 4 The Equivalence of Pigovian Taxes and Pollution Permits

Quantity ofPollution

Price ofPollution

Demand forpollution rights

P Pigoviantax

(a) Pigovian Tax

2. . . . which, togetherwith the demand curve,determines the quantityof pollution.

1. A Pigoviantax sets theprice ofpollution . . .

Page 7: 4 THE ECONOMICS OF THE PUBLIC SECTOR. Copyright © 2006 Thomson Learning 10 Externalities

Figure 4 The Equivalence of Pigovian Taxes and Pollution Permits

Quantity ofPollution

Demand forpollution rights

Supply ofpollution permits

(b) Pollution Permits

Price ofPollution

2. . . . which, togetherwith the demand curve,determines the priceof pollution.

1. Pollutionpermits setthe quantityof pollution . . .

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