Summary: Water Economics
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Read the summary and the most important questions on Water Economics
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1 Week 1
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1.2 Supply and demand
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What are causes for a shift in supply curve? (5 things)
1. Technological change
2. Labour costs change
3. Capital costs change
4. Fiscal interference
5. Number of producers on the market -
What is Adam Smiths theory?
Maximization of individual welfare contributes to maximization of social welfare. -
What is the Pareto optimal?
A situation where no individual can be better off without making at least one individual worse of. -
1.3 Public Goods and water suppy
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What are specific characters of water? (6 things)
1. It's essential
2. Non-substitutable
3. A flux
4. Varying availability and quality
5. Difficult to transport
6. Not a homogenous market -
What is the diamond-water paradox?
How can it be that an essential resource like water has a much lower price per unit weight or volume than diamonds? -
How is the value of water determined?
By its scarcity -
What do marginal values represent?
Thechange invalue as a result of moving to the nextunit ofconsumption or production. -
What do net values represent?
The difference between two levels of benefits or between benefits and costs in a particular situations (cba). -
What are examples of variable costs of water supply?
Costs for pumping, purification, decontamination, transportation -
What are examples of supply enhancement strategies?
1.Build dams
2.Drill wells
3.Repair leaky infrastructure
4.Build desalinization plants
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