Recently, the following two projects have been proposed for South Australia:1. The construction of a hydrogen power plant2. The construction of a sporting/entertainment complex AssignmentYour task is to take ONE of the policies listed above and answer the below set of questions. When answering the questions below, the focus should be on the policies themselves rather than any political debates or discourse.1.Provide an overview of the policy including an outline of the government stated intent leading to the policy’s introduction (no more than 200 words). 2.Using theory contained in the course, in particular starting from the notion of Pareto efficiency, outline the arguments for (or against) the use of public funding for your chosen policy. Your answer should include a discussion of any market failures involved. 3.If you were employed by government as an economic consultant to the project, discuss how you would approach the issue of measuring benefits and costs including any problems that you might encounter in such an exercise. Hint: try and be specific here and think about measurement of specific aspects of the project rather than broadly discuss CBA. 4.Present a case for an alternative policy to meet the objectives of the policy you have chosen to analyse. This could involve a different project, different funding arrangements or other types of policy.The weights on each question are as per below. A suggested length for each section is: Q1 200 words (10%)Q2. 600 words (30%)Q3 600 words (30%)Q4 600 words (30%)There is no requirement to provide an Executive Summary or Abstract, nor introduction or conclusion.
