U.S.Supreme Court Justice examines government's role in controlling & managing health risks. One major problem examined is cleanup of hazardous waste sites. He wish to see waste sites 100% clean.
a. Explain, using theory of optimization & a graph, the circumstances under which waste site could be made "too clean".
b. Justice Breyer believes that a society can enjoy virtually all health benefits of cleaning up a waste site for only a "small fraction" of the total cost of completely cleaning site. Using graphical analysis, illustrate this situation. (Hint: Draw MB and MC curves with shapes that specifically illustrates this situation.)
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