By James M. Griffin and Henry B. Steele (Auth.)
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To the inhabitants of office buildings and apartments in congested areas, the value to them of the last gallon of gasoline consumed by someone else is nega tive because of the resulting auto emissions. 2(b) depicts a situation where the social demand schedule Ds lies vertically below the private demand schedule D, the difference Dx reflecting the amount the residents would be willing to pay motorists to reduce gas oline consumption. In this case, the socially optimal level of gasoline consumption is Qs, since at that output the marginal social benefit of the last unit of gasoline equals its marginal social cost.
3. Suppose gasoline is an inferior good. Is the compensated price elas ticity more or less elastic than the conventional price elasticity? For a given quantity reduction, can you show that the conventional de mand schedule will lead to an overestimate of the loss in social benefits? For a quantity increase, can you show the opposite? Measuring Social Costs The key to understanding the notion of social costs is to remember that we are concerned only with the real resource costs associated with STATIC CRITERIA FOR EFFICIENT ENERGY RESOURCE ALLOCATION the production of a given output.
Transportation alternatives for ocean ship ment include liquefaction and conversion to methanol, but these are very expensive. According to some experts, coal may once again become the major source of world energy, since this is a relatively abundant and wide spread energy source, capable of production at tolerable cost levels, and with total reserves adequate to supply expanding energy needs for several centuries or more. While world oil reserves in the proved cat egory amount to about 550 billion barrels, economically recoverable world reserves of coal total at least 3 trillion barrels oil equivalent, or almost six times as much.
Energy Economics and Policy by James M. Griffin and Henry B. Steele (Auth.)