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The government of Tasmania has conducted a contingent valuation study and determined that an additional farm provides an external benefit in the form of environmental amenities (i.e., attractive landscape for tourists) worth $10,000 per year. Suppose you are employed to advise the government on policy. What policy would you recommend that the government should adopt with the aim of maximizing total economic welfare in Tasmania. Please make your answer brief, but indicate specifically how the policy would be implemented. In addition, please discuss briefly any possible side effects of your recommended policy.

Microeconomics, Economics

  • Category:- Microeconomics
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