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ECS3704 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.. Ensure your success with us..$2.50
ECS3704 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.. Ensure your success with us..
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Public Economics
ECS3704 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE August 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.. Ensure your success with us..
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ECS3704 Assignment 1 (COMPLETE ANSWERS) Semester 2 2024 - DUE
August 2024 ; 100% TRUSTED Complete, trusted solutions and
explanations.. Ensure your success with us..
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.
Understanding the Problem
Steel production is essential for many industries, but it generates significant pollution, affecting
air and water quality. This pollution causes health problems, economic costs, and ecological
damage.
Market Failure Diagram
Diagram: Market Failure in Steel Production
1. Traditional Supply and Demand:
o Demand Curve (D): Downward-sloping, representing the quantity of steel
demanded at various prices.
o Supply Curve (S): Upward-sloping, representing the quantity of steel supplied at
various prices.
2. Equilibrium Point (E):
o Where the Supply Curve intersects the Demand Curve, determining the market
price and quantity of steel.
3. Social Cost Curve (S_C):
o This curve lies above the Supply Curve, representing the true cost of production
including external costs (pollution).
4. External Cost Area:
o The area between the Supply Curve and the Social Cost Curve represents the
external costs of pollution that are not accounted for in the market price.
Diagram:
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