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C​‌‍‍‍‌‍‌‍‍‍‌‌‌‍‌‌‌‌‌‌​hoose a major environmental issue in Australia that can b

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C​‌‍‍‍‌‍‌‍‍‍‌‌‌‍‌‌‌‌‌‌​hoose a major environmental issue in Australia that can be classified as a renewable or non-renewable resource management issue. Issues may be drawn from a number of areas, including Energy, Minerals and Forestry. (i) Provide a brief overview of the issue (ii) Identify issues with the rate of resource allocation and the time horizon issues (iii) Explain how marginal benefits and costs of extraction or harvest can change over time (iv) Identify the appropriate economic analysis to identify optimal rates of harvest or extraction. (v) Identify the implications of extraction or harvest rates in terms of sustainable development. (vi) Review available government policies to deal with these kinds of issues and identify preferred options to address the problem. Instructions This assignment is to be written as a single essay and include diagrams and references. You should aim to develop a logical framework for your arguments in a structure that allows you to address the key questions posed. The choice of a particular environmental issue is yours as a way of bringing some interest to the topic. Do not spend too much time on describing the case but use it to demonstrate the economic principles that you have learnt in the Unit. There are many possible types of environmental issues that you might focus on. Try to narrow it down in some way to a particular case study or development proposal so tha​‌‍‍‍‌‍‌‍‍‍‌‌‌‍‌‌‌‌‌‌​t it is easier to apply different frameworks to the issue of interest. The chosen environmental issue can be at any scale (i.e. local, regional, national or international), but remember that smaller, less complex and well-defined problems are generally easier to analyse than larger multi-faceted issues. It is important to describe what type of economic principles and analysis can be applied to evaluate the problem so that it is clear how to conceptualise the issues in economic terms. Other details to note are: • As a guideline, the length of the main body of your essay should be around 2000 words or so, excluding references. • Diagrams should be used to illustrate specific aspects and please ensure that you correctly cite/reference all sources including diagrams used since this is an important aspect of academic integrity. • The list of references should form the last page or two, at the end of the assessment. The APA Referencing style (see Unit Profile for details) should be used. Assessment Criteria for Assignment 2 are as follows: 1. Selection and description of a suitable issue relevant to the assignment topic. 2. Demonstrate a clear understanding and purpose of the economic concepts involved. 3. Demonstrate knowledge about the application of economic analysis. 4. Critical evaluation of the case study issues and policy mechanisms. 5. Standard of writing, explanation and refer​‌‍‍‍‌‍‌‍‍‍‌‌‌‍‌‌‌‌‌‌​encing.

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