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ECS3704 ASSIGNMNET 04 SEMESTER 2 2024
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ECS3704ASSIGNMNET 04 SEMESTER 2 2024
STUDENT NO:
ECS3704
ASSIGNMNET 04 SEMESTER 2 2024
, ECS3704 ASSIGNMNET 04
Government Intervention in Steel Production Pollution: Analysis and Policy Options
Introduction
The production of steel is essential for economic development, but it is also a
significant source of environmental pollution. This pollution can negatively impact
public health, the environment, and overall quality of life. Governments often need to
intervene to address these externalities that market mechanisms alone fail to
regulate.
Diagram Analysis
Figure 1: Market with Externalities
 [Note: This is a placeholder link.
Please replace it with an actual diagram as needed.]
1. Supply and Demand: The intersection of the supply and demand curves (D1 and
S1) indicates the equilibrium price (P1) and quantity (Q1) of steel produced in a free
market.
2. Social Costs* The actual social cost of steel production (S2) exceeds the private
cost (S1) due to the negative externalities of pollution. The distance between S1 and
S2 illustrates the extent of social costs that are not reflected in the market price.
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