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ECS3704 ASSIGNMENT 1 SEMESTER 2 2024 Government Intervention in Steel Production Pollution
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ECS3704 ASSIGNMENT 1 SEMESTER 2 2024 Government Intervention in Steel Production Pollution
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Government Intervention in Steel Production Pollution
Continued production of steel production without monitoring can lead to negative
externalities, primarily in the form of pollution and environmental degradation.
According to xxx negative externalities are the social cost of production that exceed
the private cost borne by producers, leading to overproduction and excessive pollution.
This situation is technically called market failure, as it resembles a situation where
private agents fail to incorporate the effects of their activities on third parties or by-
, standers. The diagram below can be used to illustrate the market failure caused by
pollution in steel production.
In the diagram above, Social Marginal Cost Curve (SMC) Reflects the true cost of
production, including externalities (e.g., pollution). The Private Marginal Cost Curve
(PMC) Represents the cost to producers excluding externalities. The current
equilibrium Market Equilibrium (Qe) Without intervention, steel is produced at
quantity Qe, where the demand (D) equals PMC. However, the Socially Optimal
Output would be below that. The efficient output is where D intersects MSC, reflecting
the true cost to society.
Need for Government Intervention
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