A key message of the 2021 World Climate Summit was that the use of coal must be phased out for the good of the planet. Content removed due to copyright restrictions. Instead, a mixture of renewable energies will be required to achieve zero-carbon Sources: The Sunday Times, 17 October 2021 The Times, 26 October and 24 November 2021 nsenergybusiness.com, 4 November 2021 With the help of a marginal social cost and benefit diagram discuss whether the continued use of coal to produce electricity makes the achievement of allocative efficiency less likely.
Exam No：9708_s25_qp_42 Year：2025 Question No：1(d)
Answer:
Knowledge points:
7.3.1 definitions of productive efficiency and allocative efficiency
7.3.2 conditions for productive efficiency and allocative efficiency
7.4.1 definition and calculation of social costs (SC) as the sum of private costs (PC) and external costs (EC), including marginal social costs (MSC), marginal private costs (MPC) and marginal external costs (MEC)
7.4.2 definition and calculation of social benefits (SB) as the sum of private benefits (PB) and external benefits (EB), including marginal social benefits (MSB), marginal private benefits (MPB) and marginal external benefits (MEB)
7.4.3 definition of positive externality and negative externality
Solution:
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