Great Deal! Get Instant $10 FREE in Account on First Order + 10% Cashback on Every Order Order Now

MPE 781- Economics for Managers Trimester 2, 2017 Assignment: Economics Case Study Due on the 5th of September (11:59 pm), 2017. I. Assignment Overview: This assignment is based on an article...

1 answer below »
MPE 781- Economics for Managers Trimester 2, 2017 Assignment: Economics Case Study Due on the 5th of September (11:59 pm), 2017. I. Assignment Overview: This assignment is based on an article published in The Economists’ Voice titled ‘Global Climate Change: A Challenge to Policy’, by a Nobel laureate Kenneth J . Arrow , in 2011. The article is already attached to this assignment question. Please read the article carefully before attempting this exercise. You will also need to draw on other resources available through the library as well as external resources. Please note that you need to provide clear references for your sources when citing research and data. II. Learning Objectives: This assignment
Document Preview:

MPE 781- Economics for Managers Trimester 2, 2017 Assignment: Economics Case Study Due on the 5th of September (11:59 pm), 2017. I.AssignmentOverview: This assignment is based on an article pub- lished inThe Economists' Voice titled `Global Climate Change: A Challenge to Policy', by a Nobel laureate Kenneth J . Arrow , in 2011. The article is already attached to this assignment question. Please read the article care- fully before attempting this exercise. You will also need to draw on other resources available through the library as well as external resources. Please note that you need to provide clear references for your sources when citing research and data. II. Learning Objectives: This assignment is designed to encourage you to think about the application of concepts learned in this unit in a real world scenario. This assignment, indeed, is interesting as it explains the 1 mechanism that leads to global warming and its impacts on our economy. 1 Note that the article refers to this phenomenon as global warming but in recent years, the scienti c community and journalism have begun to refer to it as climate change, which is the term you may be familiar with. You may use either term, but use only one. 1Furthermore, this assignment also addresses the challenge that we face to implement e ective economic polices to reduce the magnitude of impacts of global warming. We hope that this assignment will expand the horizon of your thoughts. III. Assessment: Your score on this assignment contributes towards 40% of your nal score for this unit. Your assignment will be graded on your use of appropriate economic theory and concepts; relevant diagrams and clarity of exposition and overall quality of your answers. Although you can work in group, this is not a group assignment and you must submit answers individually. IV. Submission: This assignment must be submitted electronically on CloudDeakin (CD) Dropbox area by 11:59 pm on the due date. No hard copy submission will be...

Answered Same Day Dec 27, 2021

Solution

David answered on Dec 27 2021
103 Votes
1) An article `Global Climate Change: A Challenge to Policy', by a Nobel
laureate Kenneth J should be read by everyone in order to understand the cost
of global climate change and it is importance in order to limit ca
on dioxide
emission. Most of us don't understand the costs of global climate change
ecause these costs belong to future.
The article by Kenneth J is a must read because it answers to question such as,
Why we should reduce CO2 emissions? What is global warming? What are the
consequences of potential climate change?
The article also explains in detail how to discount for futurity or uncertainty
and show a comparison between the gains from reducing climate change
against it cost.
2) A
ow suggested we should reduce CO2 emission substantially because earth
heats up with an increase in the amount of CO2 concentration in the
atmosphere although how much earth temperature will increase depends on
the climate sensitivity which is defined by capacity of oceans and forests to
consume CO2 from the atmosphere but a rise in temperature of earth is still
not good for humankind.
Earth derives energy from radiation of the sun. Greenhouse gases play a
significant part in trapping heat and keeping earth's temperature at a level
which supports life, this process is known as greenhouse effect. Greenhouse
effect is essential because without it, the earth would be nearly 33°C cooler
than present (SYR of the Fourth Assessment Report, IPCC). However, in past
centuries, humans have significantly added to a rise in atmospheric
Greenhouse gases by deforestation and burning fossil fuels. This rise in
greenhouse gases particularly ca
on dioxide is the major reason of global
warming.
Figure 1 represents the global surface temperature trend (1880-2016). It shows
surface temperature is rising since 1977 this is because land temperature
esponding hastily than ocean's temperature to earth's changing weather.
Figure 1
Source: NASA Goddard Institute for Space Studies (GISS)
There is direct relation between the earth temperature and CO2, the earth
temperature increases as CO2 accumulates at an increasing rate. The best
example of this is industrial revolution effect on world temperature.
A large part of our atmosphere is made up of oxygen and nitrogen with variety
of other gases which are water vapour, methane and ca
on dioxide but are
not in larger quantity. These gases are transparent to radiation but cannot face
lower frequencies, like infrared. Therefore, these gases try to keep the
outgoing radiation and ultimately, raise the temperature of the world to the
level where life cannot survive.
An increase in earth temperature leads to a climate change and climate change
is a potential threat against social, environment and economic well being. In
general, all well beings would be adversely affected when average global
temperature rises. At present, world is trying its best to adapt to new climate
condition and to keep global warming within 2°C relative to pre-industrial
level. If temperature rises beyond a 2°C threshold, it has been assessed that
esults would be highly severe, widespread and unchangeable. The
temperature has already risen by 1.5°C from 1950 to 2010 in Canada (Wa
en,
F.J. and Lemmen, D.S., editors (2014): Canada in a Changing Climate: Sector
Perspectives on Impacts and Adaptation). Climate change is expected to put
-0.75
0.00
0.75
1.50
1
8
8
0
1
8
8
7
1
8
9
4
1
9
0
1
1
9
0
8
1
9
1
5
1
9
2
2
1
9
2
9
1
9
3
6
1
9
4
3
1
9
5
0
1
9
5
7
1
9
6
4
1
9
7
1
1
9
7
8
1
9
8
5
1
9
9
2
1
9
9
9
2
0
0
6
2
0
1
3
T
em
p
e
at
u
e

(°
C
)
Year
Instrumental temperature data 1880–2016
Annual Mean
5-year Running Mean
world and particularly Canada in trouble with extreme weather events, like
severe rainfall, heat waves, storms, flood, forest fires and droughts. Around
the world, the areas which might experience adverse impacts are described
elow
Floods and Droughts
On more than half of the earth's surface it is expected that flood will occur
more often. It is expected that snowfall will decrease in mid-latitudes during
winter, resulting in less snowmelt floods in spring. Higher rainfall is projected
for all parts in Canada.
On the other side, less rainfall and agricultural droughts are forecasted in
British Columbia and the Prairies (Porter, J.R. et al. Food security and food
production systems. In: Climate Change 2014: Impacts, Adaptation, and
Vulnerability).
Rising Sea Levels
Tides are reaching up to three feet higher than they used to 50 years earlier
(Mike Corones. The world’s rising tides have something for everyone to wo
y
about. December 15, 2014) at some places like U.S. Eastern Coast. Rising sea
levels near the coasts can lead to flooding, submergence of low-lying areas and
erosion of the coats-
inging risk to infrastructure, populations, vegetation
and animals near the coasts. Low-lying area (such as Bangladesh) and complete
islands (Like Kiribati) are at risk of destruction in near future from increasing
ocean levels, floods and severe storm urges.
Worldwide, 15 of the 20 biggest u
an places are set up near the coast (14 in
Asia) and nea
y 200 million people live fewer than 30 miles from the ocean.
Changes in Ecosystem
In past, climate change has naturally taken place at slower speed, allowing the
ecosystems to adapt. But, in the 20th century a higher species extinction rate
has been experienced up to 100 times, the "normal"...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here