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Directions:
Download the attached document in Word, type your responses to the 4 questions and upload your completed document above.
- What is a negative externality? Construct a graph for the market for Steel showing the market price and quantity when the firms are dumping their industrial waste in the local waterways. What is the motivation for firms to pollute the local waterways?
- Explain how third parties are adversely affected from the pollution and how the negative externality can be internalized. Draw into the graph the appropriate shift of the supply curve which will remedy the negative externality and bring about the socially optimal level of output.
- What is a positive externality? Construct a graph for the market for vaccine shots showing the market price and quantity.
- Explain how third parties are benefiting from those who consume vaccine shots and how the positive externality can be internalized. Draw into the graph the appropriate shift of the demand curve which will remedy the positive externality. OutstandingProficientBasicBelow ExpectationsCritical Thinking
Points:20 (26.66666%)
Thinking demonstrates creativity, innovation, inquiry, analysis, evaluation and synthesis of information. Project questions are not only clearly and accurately answered but explanation connects relationships and suggests potential effects. Suggested solutions are based data and theory and not merely opinion. Solutions are innovative in nature.
Points:18 (24.00%)
Thinking demonstrates creativity, innovation, inquiry, analysis, evaluation and synthesis of information. Project questions are mostly clearly and accurately answered and explanation generally connects relationships and suggests potential effects. Suggested solutions are based data and theory and some reasoned opinions. Solutions are viable if not completely original in nature.
Points:15 (20.00%)
Thinking demonstrates creativity, innovation, inquiry, analysis, evaluation and synthesis of information. Project questions are generally answered clearly and accurately although some questions and inaccuracies are present. Explanations connect some but not all of the relationships and suggests some potential effects. Some of the relationships maybe missing or somewhat inaccurate. Suggested solutions are limited and maybe based on partial data and opinion. Solutions are adequate but may not be original with some questions as to viability.
Points:0 (0.00%)
Questions are not answered or are answered incorrectly. Relationships are not connected. Solutions are not offered or hold no relationship to the data presented.
Written Communication
Points:20 (26.66666%)
Communication demonstrates effective development, interpretation and expression of ideas. Data is represented in an intuitive format. Graphing is professional, well formatted and appropriately placed. Writing clearly conveys complex ideas, relationships, and conclusions in a logical format that is easy for the reader to follow and understand.
Points:18 (24.00%)
Communication demonstrates effective development, interpretation and expression of ideas. Data is represented in an understandable format. Graphing is understandable, not distracting, formatted and placed appropriately. Some improvements to optimization could be made. Writing conveys ideas, relationships, and conclusions in a format that is understandable and can be followed without too many questions or distractions.
Points:15 (20.00%)
