ONLY NEED PART 3 AND 4. Not part 1 and 2

1 Learning Curve Global solar PV industry has been advancing very fast. According to the International Renewable Energy Agency, global accumulated PV installation reached 480-gigawatt (GW) in 2018. It was reported that the cost of PV cells was around $10/watt when global capacity reached 100-megawatt (MW) in 1992. 1. Describe what is a learning curve. [1pt] 2. Explain the two main sources/drivers of learning [1pt, each source 0.5pt] 3. Use the learning curve to calculate the cost for PV in 2018. Assume a learning rate of 0.8 (Double production bring down the cost to 80% of original level). Compare your results with what reported by Bloomberg New Energy Finance at $0.3/watts in 2018. (Hint: you can take the first 100MW as the initial unit; 1GW = 1000MW; Yx = aX", where Yc is the cost of the Xth unit, a is the cost of initial unit, and X is the accumulated units, and b = log(learning rate)/log2] (Get the formula right [0.5pt]; get the X right [0.5pt]; get the b right (0.5pt); calculate he Y, right (0.5pt] ] 4. How does the calculated market learning rate compared to the assumed 0.8 learning rate? [0.5pt] Why?[0.5pt] 1 Learning Curve Global solar PV industry has been advancing very fast. According to the International Renewable Energy Agency, global accumulated PV installation reached 480-gigawatt (GW) in 2018. It was reported that the cost of PV cells was around $10/watt when global capacity reached 100-megawatt (MW) in 1992. 1. Describe what is a learning curve. [1pt] 2. Explain the two main sources/drivers of learning [1pt, each source 0.5pt] 3. Use the learning curve to calculate the cost for PV in 2018. Assume a learning rate of 0.8 (Double production bring down the cost to 80% of original level). Compare your results with what reported by Bloomberg New Energy Finance at $0.3/watts in 2018. (Hint: you can take the first 100MW as the initial unit; 1GW = 1000MW; Yx = aX", where Yc is the cost of the Xth unit, a is the cost of initial unit, and X is the accumulated units, and b = log(learning rate)/log2] (Get the formula right [0.5pt]; get the X right [0.5pt]; get the b right (0.5pt); calculate he Y, right (0.5pt] ] 4. How does the calculated market learning rate compared to the assumed 0.8 learning rate? [0.5pt] Why?[0.5pt]