What externalities are associated with air travel assess

Question

1 What externalities are associated with air travel?

2 Assess the impact of air travel on renewable and non-renewable resources.

3 Are the skies an example of open-access overuse?

4 What evidence is there to suggest that the market equilibrium of air traffic exceeds the optimum social equilibrium?

5 How should GDP figures be adjusted to take account of the externalities of air travel?

Answer 1

In regards of the microeconomics principles and theories, answer to all of them in a precise manner. Q1. Illustrate what externalities are related by means of air travel? Q2. Evaluate the impact of air travel on renewable and non-renewable resources. Q3. Are the skies an illustration of the open-access overuse? Q4. Illustrate what proof is there to propose that the market equilibrium of air traffic surpasses the optimum social equilibrium? Q5. Explain how must GDP figures be adjusted to take account of the externalities of the air travel?