Discuss the following paragraphs about supply and demand. Do you agree with the statements and why? Do you disagree and why? Write paper from a Christian perspective and use the textbook as a source.

The following are the paragraphs to read and write about:

“In the article “Microeconomics of electrical energy storage in a fully renewable electricity system”, many ideas for ways of electrical storage for renewable systems are of course discussed, but it goes into great detail for each of its presented ideas, going over what it is trying to accomplish and what the faults are. It also focuses on the idea of climate change which is the reason why they wrote the article. They then bring up some of the microeconomic ideas that apply to this problem, such as when they state “At the minimum total cost, the equimarginal principle applies. In its simplest from, this says that the marginal costs of all energy production and storage technologies should be equal at the minimum total cost.” They support their detailed analysis from the beginning with some of the same ideas we have learned in this course.

As a Christian, we are called to be good stewards of the world and of all the resources which are within it. Therefore, we should always look for new safer and more effective ways of producing energy for everyone. We are given the responsibility of the world as said in Genesis 1:28 “and God blessed them, and God said unto them, Be fruitful, and multiply, and replenish the earth, and subdue it: and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moveth upon the earth.”

Reference

Timmons, D., Elahee, K., & Lin, M. (2020). Microeconomics of electrical energy storage in a fully renewable electricity system. Solar Energy, 206, 171-180. https://doi.org/10.1016/j.solener.2020.05.057