Let demand be given by Q = 150 - P + 2Y. This is the same for all problems of this type. Let r = 10%. Let Y = 50 in the present but Y = 100 in the future. Let MC = 0. Let reserves = 200. Consider the basic two-period model. What is consumption of the resource in the present?
48.32 |
||
55.23 |
||
62.44 |
||
70.12 |
||
none of the above |
Answer option 5)
in present, Q1= 150-P+2*50
Q1= 250-P
In future, Q2= 150-P+2*100
Q2= 350-P
So at eqm extraction path
250-Q1 = (350-Q2)/(1+.1)
275-1.1Q1 = 350-Q2
Q2-1.1Q1 = 75
put, Q1+Q2= 200
Q2= 200-Q1
So, 200-Q1-1.1Q1 = 75
125= 2.1Q1
so, Q1*= 59.52
Let demand be given by Q = 150 - P + 2Y. This is the same for all problems of this type. Let r = 10%. Let Y = 50 in the present but Y = 100 in the future. Let MC = 0. Let reserves = 200. Consider the basic two-period model. What is consumption of the resource in the present? 48.32 55.23 62.44 70.12 none of the above
Let demand be given by Q = 150 - P + 2Y. This is the same for all problems of this type. Let r = 10%. Let Y = 50 in the present but Y = 100 in the future. Let MC = 0. Let reserves = 200. Consider the basic two-period model. What is consumption of the resource in the present? 48.32 55.23 62.44 70.12 none of the above Let demand be given by Q = 150 - P...
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