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ECS2606 Assignment 1 (COMPLETE ANSWERS) Semester 1 2025 (253465 ) - DUE 24 March 2025

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ECS2606 Assignment 1 (COMPLETE ANSWERS) Semester 1 2025 (253465 ) - DUE 24 March 2025; 100% TRUSTED Complete, trusted solutions and explanations. For assistance, Whats-App 0.6.7-1.7.1-1.7.3.9. Ensure your success with us. .. 1. Explain and diagrammatically illustrate the impact that the Covid-19 -pandemic induced restrictions on economic activities imposed in many countries across the world in 2020/21 had on the materials balance principle. [10] 2. Explain with the aid of production possibility curves how your country could limit the production and consumption of future generations by current irresponsible consumption and production. [10] 3. Make use of appropriate examples to explain and distinguish between opportunity costs and external costs. ECS2603 ECS2604 [10] 4. Explain the difference between positive and normative economics and provide two examples in each case. [10] 5. Draw two graphs to explain how the impact of inelastic and elastic demand curves will differ if environmental policies are enforced. [10 ECS2605

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ECS2606
Assignment 1 Semester 1 2025
Detailed Solutions, References & Explanations

Unique number: 253465

Due Date: 24 March 2025
QUESTION 1

The COVID-19 pandemic of 2020/21 significantly disrupted economic activities worldwide, with
governments imposing strict lockdowns to control the spread of the virus. These restrictions
had profound implications on the flow of materials within the economy, particularly affecting
production, consumption, and waste generation. The materials balance principle, which
explains the flow of raw materials from the environment through production and consumption
before returning as residuals, was altered significantly during this period.

The attached diagram represents the altered flow of materials within the economic system
during the COVID-19 pandemic. It highlights the reduction in industrial waste and consumer
residuals, as well as the increase in specific waste categories such as packaging and medical
supplies. The temporary relief to the environment is evident in reduced pollution levels, but the
risk of long-term environmental consequences remains if proper measures are not taken.


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