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Using supply and demand curves for fossil fuels, show how economists would explain and attempt to...

Using supply and demand curves for fossil fuels, show how economists would explain and attempt to solve the problem of climate change.

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Answer #1

Demand for fossil fuel is relatively less elastic than the supply of fossil fuels because of no close substitute available. So, a high tax on demand for fossil fuels will lead to a leftward shift if demand curve leading to decrease in price and quantity of fossil fuels. Some more factors which can decrease demand like innovation and price competitiveness of the substitute of fossil fuels. This will help to solve the problem of climate change because quantity of fossil fuels will decrease.

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