ECS2606 Assignment 1 (DETAILED ANSWERS) Semester 1 2025 - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED - DISTINCTION GUARANTEED Answers, guidelines, workings and references .... 1. Explain and diagrammatically illustrate the impact that the Covid-19 -pandemic induced restrictions on economic activities imposed in many countries across the world in 2020/21 had on the materials balance principle. ECS2601 [10] 2. Explain with the aid of production possibility curves how your country could limit the production and consumption of future generations by current irresponsible consumption and production. ECS2602 [10] 3. Make use of appropriate examples to explain and distinguish between opportunity costs and external costs. ECS2603 ECS2604 [10] 4. Explain the difference between positive and normative economics and provide two examples in each case. [10] 5. Draw two graphs to explain how the impact of inelastic and elastic demand curves will differ if environmental policies are enforced. [10 ECS2605
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