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ECS3704 Assignment 1 Semester 2 2026 - Due August 2026

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ECS3704 Assignment 1 Semester 2 2026 - Due August 2026 ECS3704 Assessment 1 (Lesson 2) Dear students Analyse with the aid of a diagram, why it may be necessary for government to intervene in the case of pollution created by steel production. Using the same diagram, explain the policy options at the disposal of government to address this issue. Write a maximum of 1 A4-page for 20 marks. Use your textbook, search on Google Scholar and the Unisa library and use the Harvard method of referencing for any sources used, cited and for the reference list.

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ECS3704
ASSIGNMENT 1 2026
DUE: AUGUST 2026




SEMESTER 2 2026

, ECS3704 ASSIGNMENT 1 2026
DUE AUGUST 2026


The Problem
Steel factories create pollution that harms people and the environment. The factories
only think about their own costs like labour and materials. They ignore the cost of
pollution to society. This is called a negative externality.


Why the Market Fails




Q₀ = Too much steel (what the market makes)
Q₁ = Right amount of steel (what society needs)
P₀ = Too cheap (market price)
P₁ = Right price (true cost to society)
The free market makes too much steel at too low a price because factories don't pay for
pollution damage.

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