ECS2606 Assignment 1 (DETAILED ANSWERS) Semester 2 2024 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references ... 1. Discuss and diagrammatically illustrate the fundamental balance principle. [10] Read the excerpt below and answer the question that follows: Africa has made significant strides in the growth of its solar energy industry in recent years, with the continent seeing an increase of over 1.8W in new solar installations, primarily led by Egypt, South Africa, Kenya, Namibia, and Ghana. In order to simultaneously speed up energy access and support sustainable economic growth, Africa’s renewable energy mix has increasingly switched away from conventional hydropower and thermal facilities to renewable alternatives. 2. Explain and graphically illustrate how this technology will affect Africa’s marginal cost curve for the supply of electricity. [10] 3. Provide a detailed explanation of the concept of willingness to pay by discussing revealed preference methods and the contingent valuation approach. [15] 4. Explain the concept of market failure and provide an example of an environmental market failure, explain why you regard it as a market failure. [5] 5. Differentiate between the following concepts [10] (a) Economic efficiency and social efficiency (b) Economic growth and economic development. (c) Positive and negative externality. (d) Private and social costs. (e) Pollutant and residual.
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