Exam (elaborations)
ECS2606 Assignment 1 Semester 2 2024 (583390) - DUE 15 August 2024
- Institution
- University Of South Africa (Unisa)
ECS2606 Assignment 1 Semester 2 2024 (583390) - DUE 15 August 2024 QUESTIONS AND ANSWERS
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ECS2606 Assignment 1Semester 2 2024
(583390) - DUE 15 August
2024
[Company address]
, ECS2606 Assignment 1 Semester 2 2024 (583390) - DUE 15 August 2024
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.
2. Explain and graphically illustrate how this technology will affect Africa’s marginal
cost curve for the supply of electricity. [10]
1. Discuss and diagrammatically illustrate the fundamental balance principle.
[10]
Discussion:
The fundamental balance principle in economics refers to the equilibrium condition
where the quantity demanded equals the quantity supplied. At this point, the market
is in balance, and there is no tendency for change. This principle ensures that
resources are allocated efficiently, and there is no excess supply or shortage in the
market.
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