1) Explain: ‘Without the market for pollution rights, dumping pollutants in the air or water is priceless; in presence of the right to buy and sell the pollution rights, dumping the pollution forms an opportunity cost for polluter.’ Explain the importance of this fact to search for the better technology for decrasing the pollution?
2) Explain how the law of conservation of matter and energy are related to:
a) The problem of air pollution and
b) The problem of disposal of the solid waste.
Explain the tragedy of commons since it relates to the pollution?
3) Explain what is meant by the global-warming problem? Also explain how it is addressed? Explain how the global warming could hurt one industry, particular region, or the country however helps the other with the help of example.
4) Explain how marketable emissions credits add to overall economic efficiency, compared to across-the-board limitations on maximum discharges of air pollutants by firms.