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What is the shape of a typical Hubbert Curve?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

What is the shape of a typical Hubbert Curve?

Expert Solution

Step 1

Hubbert's peak theory was introduced by Marion King Hubbert in 1956. The theory was first used to predict the patterns of fossil fuel production.

The theory suggested that the maximum production from oil reserves will occur in the middle of the reserve's life cycle. The theory was used by the exploration and production companies to estimate the production rates.

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