In a well-known legal case, a classic conflict of property rights was featured. Red cedar trees, used only for ornamental purposes, carried a disease that could destroy apple orchards within a radius of two miles. There was no known way of curing the disease except by destroying the cedar trees or by ensuring that apple orchards were at least two miles away from the cedar trees. Apply the Coase theorem to this situation. Does it make any difference to the outcome whether the cedar tree owners are entitled to retain their trees or the apple growers are entitled to be free of them?
Answer
Coarse theorem is a concept in economics, which explains that efficiency in economic activities is best, attained through the full provision and absolute
Is this a good thing of “putting first things first” or simply an unjustifiable waste of resources? Why?

Environmental Protection Agency (EPA) was created by the federal government of United Sates of America with the mandate to protect human wellbeing and the surroundings by implementing enactments passed by the Congress. The responsibilities of this program need considerable income to actualize among other important things. The federal government has continued to support the implementation of the EPA program owing to its priceless benefits.
Poor management of natural resources in the recent couple of decades has contributed to degradation of the environment. The cost to rehabilitate and consequently reach the expected standards is exceedingly great. Sometime the cost estimates exceeds the benefits, however, it is never a waste of resources since benefits are eventually realized on the long term. Natural calamities have befallen areas that had experienced excessive destruction of the environment due to imbalances created in natural forces. In order to find an approximate benefit of attaining the standard, the EPA program makes use of the estimation of benefits and expenses of meeting a substitute standard to that of the existing one. In addition, the program uses complicated models of air quality measures to offer a number of estimates that support projected benefits for attaining each of the anticipated standards.