ECS2606 Assignment 1 Semester 2
2024 (583390) - DUE 15
August 2024
, ECS2606 Assignment 1 Semester 2 2024 (583390) - DUE 15
August 2024
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.
2024 (583390) - DUE 15
August 2024
, ECS2606 Assignment 1 Semester 2 2024 (583390) - DUE 15
August 2024
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.
