Conceptually what is the difference between a variable that measures a flow and one that measures… 1 answer below »
1. (a) Conceptually what is the difference between a variable that measures a flow and one that measures a stock? (b) What is meant by the growth equation in resource economics? (c) What is the formula for the growth equation in the case of a non-renewable resource? (d) What is the intertemporal externality that arises in the case of a non-renewable resource? Lecture: Economics of Non-Renewable Resources 2. (a) Is there a difference between the price of oil in the market for oil and the price of reserves in the market for reserves? Explain. (b) What is the Hotelling Rule? (c) Does it assume profit maximization by owners of oil deposits?
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