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Assume that a country is endowed with 24 units of oil reserve.
(a) the marginal
(b) the marginal cost of extraction of oil is constant at $3 per unit
(c) the discount rate is 1%
(d) the marginal cost of renewable energy is $9, where c<d<a.
How long will it take, for a country to transition to a renewable energy source?
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- Romilo produces 250 different varieties of potatoes sourced from nearby villages, suggesting he likely lives in: Maine China Ireland Peru, or maybe Chile All of the following are reasons that foreign countries and corporations engage in long-term leases of land or outright land purchases in other countries EXCEPT: These countries and corporations may be concerned about the long-term food security of their home population These countries and corporations have a stated goal of promoting neo-colonialism These countries and corporations may be pursuing a strategy to ensure energy security These countries and corporations may be interested in low prices for labor and land CITES seeks to preserve the existence of endangered species. This existence value is a __________. CITES is effective, but very narrowly focused on __________. public good, fish private good, rhinos…Economic growth and the prosperity of nations depends upon their access to energy. Without an assured supply of energy production is not possible. Fossil fuels have served as sources of energy for decades. However, in recent years some disadvantages associated with the use of fossil fuels has become obvious. Which of the below IS NOT and HAS NOT BEEN one of the drawbacks of using fossil fuels for the production of goods? Group of answer choices Fossil fuels produce less energy than the non-traditional sources of energy and thus are inefficient. Fossil fuels are associated with environmental damage and possibly even global warming. Fossil fuels are finite, and some day they will run out. Economies that possess fossil fuels such as oil and coal can control supply of these and hike up their prices, and thus deny access to these resources to some countries for political purposes.Only in the short run and not in the long-run, humankind itself will be the one to benefit when environmental and ecological considerations are given serious and substantial consideration. true or false The classification of countries into three was changed into two: developed and developing. true or false
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- Location econinmies are the economies that anse from performing a value creation activity in the optimal location for that activily, wherever in the world that might be: True or falseConsider the following two-period model of dynamically efficient extraction of a non-renewable natural resource. The constant social marginal cost of extraction is 40 in each period and the total stock of the resource is Q = 300 units. Moreover, the social marginal beneÖt is MB(Qt) = 200 Qt, where Qt is the quantity of resource extracted in period t, for t = 0; 1. The discount factor is 0:8.(a) What is the efficient quantity of resources extracted in each period? Provide a graphical representation of the solution. (b) What is the marginal user cost (or scarcity rent) of the resource in each period? (c) Suppose that there is a market to trade the resource. What is the equilibrium price corresponding to each period? Justify the answer. (d) Suppose that it is now expected that because of an extraction technol- ogy improvement, while the Örst period marginal cost of extraction will still remain MXC1 = 40, the second period one will now de- crease to MXC2 = 20. Answer the previous…Consider the following two-period model of dynamically efficient extraction of a non-renewable natural resource. The constant social marginal cost of extraction is 40 in each period and the total stock of the resource is Q = 300 units. Moreover, the social marginal beneÖt is MB(Qt) = 200 Qt, where Qt is the quantity of resource extracted in period t, for t = 0; 1. The discount factor is 0:8.(a) What is the efficient quantity of resources extracted in each period? Provide a graphical representation of the solution. (b) What is the marginal user cost (or scarcity rent) of the resource in each period?