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A barrel of petroleum produced today is not available for production in the future. Thus ,...

A barrel of petroleum produced today is not available for production in the future. Thus , optimal petroleum production decision must occur in a dynamic sense. How does a dynamic optimality condition differ from a static optimality conditions. Suppose the demand curves of petroleum product in period 1 and period 2 are Q_(1 )=60-4P_1 Q_(2 )=100-10P_2 If the marginal cost of production is MC = 2Q. What is the difference between a monopoly industry and a competitive petroleum industry in terms of output and price in a static and dynamic sense?

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