Suppose the demand for an exhaustible resource is Q₁ = 350-pt, the interest rate is 11% the intital amount of the resource is 787.50 pounds and the marginal cost of producing the resource is $20.00. The resource must all be extracted in two periods. The price in the first period will be $0 The quantity extracted in the first period will be The price in the second period will be $ The quantity extracted in the second period will be ▼ pounds. pounds. O A. The resource is not scarce since the initial quantity of the resource exceeds the amount demanded at a zero price. O B. The resource is not scarce since the initial quantity of the resource exceeds the amount demanded at a price equal to marginal cost. O C. The resource is scarce since the marginal cost is positive. OD. None of the above.

Suppose the demand for an exhaustible resource is Q₁ = 350-pt, the interest rate is 11% the intital amount of the resource is 787.50 pounds and the marginal cost of producing the resource is $20.00. The resource must all be extracted in two periods. The price in the first period will be $0 The quantity extracted in the first period will be The price in the second period will be $ The quantity extracted in the second period will be ▼ pounds. pounds. O A. The resource is not scarce since the initial quantity of the resource exceeds the amount demanded at a zero price. O B. The resource is not scarce since the initial quantity of the resource exceeds the amount demanded at a price equal to marginal cost. O C. The resource is scarce since the marginal cost is positive. OD. None of the above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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