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ECS3704 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024
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ECS3704 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024
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, ECS3704 Assignment 1 (COMPLETE ANSWERS)Semester 2 2024 - DUE August 2024 ; 100%
TRUSTED Complete, trusted solutions and
explanations.
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.
To analyze why government intervention may be necessary in
the case of pollution created by steel production and to outline
policy options, we'll use a simple diagrammatic approach.
Diagram: Market Failure and Policy Interventions for Pollution
1. Market Failure due to Pollution
Diagram Description:
Horizontal Axis (X-axis): Quantity of Steel Produced
Vertical Axis (Y-axis): Price and Cost
Curves:
Private Cost Curve (PC): This represents the cost incurred
by the steel producers, not including the external costs of
pollution.
Social Cost Curve (SC): This includes both the private costs
and the external costs (negative externalities) of pollution.
The SC curve is higher than the PC curve because it
includes the additional cost of pollution on society.
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