ECS2606 Assignment 1 (ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED. Answers, guidelines, workings and references..... ........ 1. Discuss the implications of the first and second law of thermodynamics for the processes of production and consumption in the economy. [10] 2. Graphically explain the equimarginal principle by supposing a factory has two plants, one with steeply increasing marginal costs and one with more slowly increasing marginal cost [10] 3. Discuss the THREE different types of impact analysis [10] 4. Discuss the possible environmental problems associated with economic growth. [10] 5. Explain the FOUR basic steps in benefit-cost analysis, which aspect of benefit-cost analysis would you consider to be the most controversial? Give reasons for your answer. [10]
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