1. A. Harold Hotelling forecast that someday the oil industry would come to an end. For the interim period, in between his time and the end of oil, what were Hotelling's expectations for (i) consumers, (ii) oil production investors, and (iii) oil prices? B. Marion King Hubbard forecast that the oil industry would continue to expand, and then shrink. What reasoning did Marion King Hubbert use to form his expectations? C. Contrary to the forecast of Harold Hotelling, today's global oil output is greater than ever. Nevertheless, what have top Middle East oil exporting nations do to apply Hotelling's expectations into their own national oil export policies?
1. A. Harold Hotelling forecast that someday the oil industry would come to an end. For the interim period, in between his time and the end of oil, what were Hotelling's expectations for (i) consumers, (ii) oil production investors, and (iii) oil prices? B. Marion King Hubbard forecast that the oil industry would continue to expand, and then shrink. What reasoning did Marion King Hubbert use to form his expectations? C. Contrary to the forecast of Harold Hotelling, today's global oil output is greater than ever. Nevertheless, what have top Middle East oil exporting nations do to apply Hotelling's expectations into their own national oil export policies?
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter2: Fundamental Economic Concepts
Section: Chapter Questions
Problem 5E
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![1. A. Harold Hotelling forecast that someday the oil industry would come to an end. For the
interim period, in between his time and the end of oil, what were Hotelling's expectations for (i)
consumers, (ii) oil production investors, and (iii) oil prices?
B. Marion King Hubbard forecast that the oil industry would continue to expand, and then
shrink. What reasoning did Marion King Hubbert use to form his expectations?
C. Contrary to the forecast of Harold Hotelling, today's global oil output is greater than
ever. Nevertheless, what have top Middle East oil exporting nations do to apply Hotelling's
expectations into their own national oil export policies?
D. Also contrary to the beliefs of Marion King Hubbert, today's global oil output is greater than
ever, rather than less. Even the USA's oil output is greater today than it was when Hubbert made
his forecast. Nevertheless, what have the major oil exporters of the Arabian Gulf done in the
past to apply Hubbert's forecasts into their national oil export policies.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb0ecbe3-e77b-4c14-b03d-104b7601e2c2%2F6f761ceb-2b0f-44b2-b6e7-59036f0cf610%2Fp6wgzf6_processed.png&w=3840&q=75)
Transcribed Image Text:1. A. Harold Hotelling forecast that someday the oil industry would come to an end. For the
interim period, in between his time and the end of oil, what were Hotelling's expectations for (i)
consumers, (ii) oil production investors, and (iii) oil prices?
B. Marion King Hubbard forecast that the oil industry would continue to expand, and then
shrink. What reasoning did Marion King Hubbert use to form his expectations?
C. Contrary to the forecast of Harold Hotelling, today's global oil output is greater than
ever. Nevertheless, what have top Middle East oil exporting nations do to apply Hotelling's
expectations into their own national oil export policies?
D. Also contrary to the beliefs of Marion King Hubbert, today's global oil output is greater than
ever, rather than less. Even the USA's oil output is greater today than it was when Hubbert made
his forecast. Nevertheless, what have the major oil exporters of the Arabian Gulf done in the
past to apply Hubbert's forecasts into their national oil export policies.
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