Energy and Renewable Resources | My Assignment Tutor

MAE305 – Energy and Renewable Resources Trimester 1, 2021 Assignment DUE DATE AND TIME: 8pm Tuesday 04 May 2021, Melbourne time PERCENTAGE OF FINAL GRADE: 40% WORD LIMIT: No more than 3,000 words (excluding references) Students to provide the word count on the front page of their assignment submission Learning Outcome Details Unit Learning Outcome (ULO)Graduate Learning Outcome (GLO)ULO 3: Apply economic models to the analysis of energy market issues and renewable resource management.GLO1: Discipline-specific knowledge and capabilities GLO5: Problem solvingULO 4: Analyse differences in socio-economic and geographic factors and resources endowments across regions and countries to offer contextual solutions for managing renewable resources and energy needs..GLO4: Critical thinking GLO8: Global citizenship Assessment Feedback Students who submit their work by the due date will receive their marks and feedback on CloudDeakin on Monday 24 May 2021. Description / Requirements Answer all four questions in this assignment. Read the article “Should we use subsidies to correct inattentive consumers?” by Tim Hyde available at the American Economic Association website. Write a quick summary of this article using your own words. [10 marks] Use the tools you acquired from the lectures to analyze the welfare effects of subsidies. Specifically, analyze the effects as follows. [10 marks] Use a supply and demand diagram to illustrate the equilibrium in the market for high-efficiency compact fluorescent light bulbs (CFLs).On the same graph, show the effects of a subsidy per CFL bulb paid to consumers. What happens to the equilibrium price and quantity?In your diagram, show what happens to consumer surplus and producer surplus before and after the subsidy.Show the area corresponding to the deadweight loss to society. Would your answer change if the government decides to pay the subsidy to producers instead? Now suppose scientists discover that the widespread use and adoption of CFLs has a positive effect on the environment because CFLs are more energy efficient than traditional incandescent bulbs. Analyze the welfare effects of the CFL subsidy in light of this new information. [10 marks] Illustrate the market for CFL without subsidies, labeling the demand and supply curve, the social value and cost curves, the equilibrium quantity, and the efficient quantity of CFLs.In your diagram, shade the area corresponding to the deadweight loss to society without subsidies.Suppose the government chooses the amount of subsidy optimally so that the demand curve with subsidy coincides with the social value curve. What is the amount of deadweight loss to society with the subsidy?Why does your conclusion about the effects of subsidies change relative to the previous question? In light of your analysis above, do you think a subsidy to the purchase of CFLs is a good policy? More generally, why do you think subsidies are prevalent even if they may have unintended adverse effects? To answer this question, you may go beyond microeconomics and think about issues such as economic development and environmental protection. Please do a literature review and provide your views on this topic. [10 marks] Please provide clear references for any cited sources using the Harvard referencing style. Submission Instructions All assignments must be submitted online to the unit website by the due date. Instructions for assignment submission will be provided at the beginning of Week 7 (Monday 26 April 2021). You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy. Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism. When you are required to submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment dropbox folder after upload, and check for, and keep, the email receipt for the submission. Notes Penalties for late submission: The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked. You will receive 0% for the task. ‘Day’ means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date.For more information about academic misconduct, special consideration, extensions, and assessment feedback, please refer to the document Your rights and responsibilities as a student in this Unit in the first folder next to the Unit Guide of the Resources area in the CloudDeakin unit site.Building evidence of your experiences, skills and knowledge (Portfolio) – Building a portfolio that evidences your skills, knowledge and experience will provide you with a valuable tool to help you prepare for interviews and to showcase to potential employers. There are a number of tools that you can use to build a portfolio. You are provided with cloud space through OneDrive, or through the Portfolio tool in the Cloud Unit Site, but you can use any storage repository system that you like. Remember that a Portfolio is YOUR tool. You should be able to store your assessment work, reflections, achievements and artefacts in YOUR Portfolio. Once you have completed this assessment piece, add it to your personal Portfolio to use and showcase your learning later, when applying for jobs, or further studies. Curate your work by adding meaningful tags to your artefacts that describe what the artefact represents.


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