exam 2 review. resource economics. nonrenewable vs. renewable maximize pv of net benefit renewable includes growth functions characterize efficient allocations compare to market allocations discuss policy to make market allocations more efficient. start with the price equation.
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Pt = MECt +MUCt
energy: efficient vs. market outcomes
water efficient allocations:surface vs. groundwater
cumulative yrs of growth
Age Volume (cubic ft)
31 3,000 when to harvest
41 6,000 using biological rule?
51 8,000 using economic rule?
Planting cost: $1,000
Harvest cost: $0.50
Discount rate: 3%
S = 30X-2X2