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Martina d

Firefighters battle blaze at North Berwick fire station - 1 views

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    This article talks about the fire in a fire station in Scotland. The roof collapsed and there was a lot of smoke. The fire fighter are working to stop the fire that keeps on going on. This article is an example of negative externality since not only the place got destroyed, but the train station had to be closed since it was close by. Therefore, there is going to be problems with trains, and people won't be able to travel (less demand for trains, less profit for the society). In addition, the smoke is very bad for the environment, causing a negative externality for the environment that will be more polluted and people have to stay at home, therefore there is a loss of profit for the population, which won't be able to go to work.
Jan d

End of gas rationing signals progress in New York City's Sandy recovery - 0 views

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    After Sandy hurricane devastated the Eastern Coast of the United States, gas became scarce. Due to this, authorities introduced so called odd-even gas rationing which limited the consumption the same as when governments introduce price ceilings and shift the demand curve to the last. With few major differences. Too many people needed fuel to power generators. Government gave subsidy to oil importers, so price slumped a bit (not significant) - so this was the maximum price. Simultaneously, also the demand grew bigger and there were only a few gas stations operating and those who were operating experienced inevitable chaos. So authorities shift the demand curve to the left until equilibrium is reached at maximum price to limit the consumption, so that queues were manageable. This rationing ends tomorrow as recovery is completed.
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