ECS2606 Latest exam pack questions and answers and summarized notes for exam preparation.
ECS2606 Latest exam pack questions and answers and summarized notes for exam preparation. Updated for 2024 exams
ECS2606 Latest exam pack questions and answers and summarized notes for exam preparation
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ECS2606
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ECS2606
Assignment1
DUE 15 August
2024
[Year]
[Type the company address]
, Book
Environmental Economics
ECS2606 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE
15 August 2024 ; 100% TRUSTED Complete, trusted solutions and
explanations.
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.
Fundamental Balance Principle
The fundamental balance principle in environmental economics refers to the equilibrium
between environmental quality and economic activities. It emphasizes the need to balance the
benefits derived from economic activities, such as production and consumption, with the costs
associated with environmental degradation. Achieving this balance is crucial for sustainable
development, where economic growth does not come at the expense of environmental health.
Key Components:
1. Economic Activities:
o Production and consumption of goods and services, which often lead to
environmental externalities, such as pollution and resource depletion.
2. Environmental Quality:
o The state of the natural environment, including air, water, soil, and biodiversity.
Maintaining high environmental quality is essential for public health and
ecosystem sustainability.
3. Marginal Benefits and Costs:
o Marginal Benefit (MB): The additional benefit received from consuming or
producing one more unit of a good or service. In this context, it could be the
economic benefits from increased production or energy generation.
o Marginal Cost (MC): The additional cost incurred from producing or consuming
one more unit of a good or service, including the external costs of environmental
degradation.
Diagrammatic Illustration:
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