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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; Y, = axb, where Y, 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]

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