I am getting the below error when I execute the application.

How can I solve this?
I am getting the below error when I execute the application.

How can I solve this?
As the error message suggests, you don't have permission to host your service in that namespace. Right-click on Visual Studio and Run as Administrator.
In windows 7 or 2008 and above use this command from administrator command prompt
netsh http add urlacl url=http://+:8080 user=DOMAIN\user
where user is the user or service account that will run the WCF service. For XP or windows 2003 you will have to use the htpcfg tool. More details here
The service doesn't need local admin rights but an administrator needs to give the right to reserver the http url namespace as an installation step.