The world’s R/P ratio for oil has been approximately 50 years for the last two decades. Explain what this means and how it is possible that the R/P value has not significantly decreased despite continual production of the resource over the last two decades.
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The world’s R/P ratio for oil has been approximately 50 years for the last two decades. Explain what this means and how it is possible that the R/P value has not significantly decreased despite continual production of the resource over the last two decades.
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- The world's total petroleum reserve is estimated at 1.5 x 1022 J. At the present rate of consumption, 6.027 x 1017 J/day, how long would it take to exhaust the supply (in years)?How many barrels can the first period consume before any User Cost occurs?Small and medium sized contractors are most likely to keep ony____on staff
- Question Instructions: Type written (font 12 New Roman). No handwritten or screenshot answers. Copying from someone or simply "copy and paste" from a source is a violation. 1. The Cost-Minimizing Equilibrium Condition implies that the marginal product per peso for MP MP P2 each of the inputs used is equal. i.e., %3D Px (a). Use specific example to illustrate this equation. (b). If the ratio in # 1 is not equal, then the ratio of marginal product to price would be greater for one product than for others. What does this imply for a firm? Use example to illustrate. 2. In the following diagram, we plot typical information about marginal product and average product. Instructions: Type written (font 12 New Roman). No handwritten or screenshot answers. Copying from someone or simply "copy and paste" from a source is a violation. 1. The Cost-Minimizing Equilibrium Condition implies that the marginal product per peso for MP MP Pr each of the inputs used is equal. i.e., %3D (a). Use specific…Along with many other producers, you own a small oil well. The market is very competitive. Themarginal extraction cost is $10 per barrel. The interest rate is 5%. The annual demand for oil isQ = 90,000 – 2,000P where Q is in barrels per year and P is in dollars per barrel.Use your knowledge about Hotelling’s Rule to answer the following questions: Oil is trading for $25/bbl on Jan 1st, 1999. What do you expect the path of oil pricesand extraction quantities to be from 1999-2010 (assuming no shocks to the market)?A day later, on Jan 2nd, 1999, the Wall Street Journal opens with a story that there is now amore reliable reserves estimate. Total reserves are estimated at 760,000 barrels. b. What is the oil price directly after this news becomes public? When will the worldrun out of oil, assuming no more oil is discovered? [Hint: use a spreadsheet.]You have a couple million dollars to spend on Dec 31st, 1999. You decide to quickly buy out allsmall oil producers. By Jan 1st, 2000, you are…Along with many other producers, you own a small oil well. The market is very competitive. Themarginal extraction cost is $10 per barrel. The interest rate is 5%. The annual demand for oil isQ = 90,000 – 2,000P where Q is in barrels per year and P is in dollars per barrel.Use your knowledge about Hotelling’s Rule to answer the following questions: Oil is trading for $25/bbl on Jan 1st, 1999. What do you expect the path of oil pricesand extraction quantities to be from 1999-2010 (assuming no shocks to the market)?A day later, on Jan 2nd, 1999, the Wall Street Journal opens with a story that there is now amore reliable reserves estimate. Total reserves are estimated at 760,000 barrels.
- Mindlap Cengage Leaming n/static/nb/ui/evo/index.html?deploymentld%3D5981412353502464190243042516&elSBN=9780357133576&id%3D14420886 CENGAGE MINDTAP Module One Quiz Show what happens to the production possibilities frontier (PPF) if an epidemic reduces the population of the society. PPF PPF Quantity of Industrial Output 79°F Su Quantity of Agricultural Output7. Find the maximum sustainable yield for a population governed by the model x' = rxe(1-x/K) - dx4 Time remaining: 00:09:27 Economics Hurdle rates (minimum required rates of return) are often used by development banks such as the World Bank. Suppose the World Bank hurdle rate is 3%. The World bank is currently evaluating a carbon investment in Brazil that will require 1.35 million dollars given to Brazil now, in return for Brazil setting aside forest land and then returning 2.0 million dollars back to a carbon credit owned by the bank in 10 years. The world bank has already paid 1 million dollars in the past two years to set up a carbon payment fund that can generally be used for these purposes. Will the following investment in this carbon market make sense for the World Bank? A. No because the rate of return is equal to 2.4% B. No, because the opportunity cost of waiting is too high C. Yes, because the ratio of benefits to costs is greater than 3% D. Yes, because the rate of return is equal to 4.0%
- looking for validation on this homework problem, thank you!Discuss how extraction costs, disposal costs, transportation, labor and processing costs affect the efficient allocation of recyclable resources. Discuss some of the reasons virgin minerals mav he undernricedThe country of Luberia has discovered a massive oil field. Many companies have acquired rights to drill wells in the field. Oil engineers have calculated that the total output of oil per year (in barrels) will be Q = 1000n - n? where n is the number of wells drilled. Oil sells for $50 per barrel and a well costs $10,000 per year to drill and maintain. (a) What would be the equilibrium number of wells drilled if entry is uncontrolled? What will be the total output of oil and the net surplus generated for the economy? (b) Suppose the government nationalizes the oil industry. How many wells should be drilled to maximize surplus? How much surplus is generated? (c) Can government achieve the outcome in (b) without nationalizing the industry? How? Give a detailed answer.