North Carolina Has Some of the Highest Average Wave Energies

question 19

Essay

North Carolina has some of the highest average wave energies in the United
States along its roughly 500 km of coastline (Figure 12.1). Would it be reasonable for North Carolina to utilize wave energy for all of its electricity? Assume that a total annual per-capita electricity requirement of 15 MWhe and that 5% of the coastline is used for wave electricity generation at an average efficiency of 20%.

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Definitions:

Long-Run Equilibrium

A state in which all factors of production and costs are variable, allowing firms to make adjustments and the economy to achieve a steady state of operations with no tendency for change.

Product Differentiation

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.

Economic Profits

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs.

Normal Profits

The level of profit that is necessary for a company to remain competitive in the market, often seen as the minimum acceptable return.