How do technically recoverable and economically recoverable amounts of a resource differ? Define the term proven recoverable reserve. Explain why the proven recoverable reserve of a given fuel could increase over time. Now explain why it could decrease.
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| How do technically recoverable and economically recoverable amounts of a resource differ? Define the term proven recoverable reserve. Explain why the proven recoverable reserve of a given fuel could increase over time. Now explain why it could decrease. |
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- As an energy source, fossil fuels have had an advantage because of their ["low", "high"] cost and relatively high ["availability", "net energy", "suitability"] , a measure of available energy after accounting for the energy involved in extraction and production. This has resulted in approximately ["60", "40", "80", "20"] percent of the world’s energy currently being provided by fossil fuels.The world's total petroleum reserve is estimated at 1.5 x 1022 J. At the present rate of consumption, 6.027 x 1017 J/day, how long would it take to exhaust the supply (in years)?Consider the allocation of a fixed, renewable supply of surface water in a given year between two competing users: municipal and industrial users (M) and agricultural users (A). The demand for water by M-users is MBM = 250 – QM and the marginal extraction cost is MXCM = 50. The demand for water by A-users is MBM = 170 – 0.5*QM and the marginal extraction cost is MXCM = 20. S is the annual supply of surface water is the basin. Assuming that there is no water scarcity in the basing (i.e., S > S’), what is the efficient level of water use for M- and A-users?
- Please answer questions 2, 3, and 4. 2. Many states are now imposing severance taxes on resources being extracted within their borders. How is the consumption path of depletable resources with severance taxes imposed compared to the case without taxes? Assuming an increasing marginal extraction cost of depletable resources over time. A. For the same time period, consumption for depletable resource decreases due to the imposition of severance taxes. B. For the same time period, consumption for depletable resource increases due to the imposition of severance taxes. C. For the same time period, consumption for depletable resource stays the same regardless to the imposition of severance taxes. 3. Suppose there exists a renewable energy substitute for depletable resources with an increasing marginal extraction cost. How would per-unit subsidy on renewable energy change price path for renewable energy? A. Price for renewable energy with subsidy is higher than the case without subsidy. B.…Suppose the Marginal Benefit and Marginal Cost for crude oil at any given period is: MB = 159 - 2.1Q and MC=36 + 0.9Q Where price is measured in dollars and quantity is measured in barrels. The total oil reserve is 50 tons. What is the Optimal barrels of oil that should be extracted in the current period (suppose we don’t need to be concerned with any future periods)?A community has a nighttime energy demand of 50 megawatts but a peak daytime demand of 75 megawatts. It has the chance to build a 90-megawatt coal-fired plant that could easily supply all of its energy needs even at peak daytime demand. Should it necessarily proceed? Could there be lower-cost options? Explain
- Coffee is now the second most traded commodity in the world after crude oil. Not only has demand for various coffee products risen sharply in Western countries in recent years, increasingly there is also greater taste for coffee drinks in developing countries such as China and India. In addition, by-products of coffee beans have become popular such as coffee leaves which can be used to brew a tea with known health benefits. However, as a natural produce, coffee plants are subject to weather conditions. Recently major producers such as Brazil have been plagued by droughts. Using the demand-supply model, explain the likely effects of these phenomena in the coffee bean market. How can a market analyst use this information to her advantage?Recall the model of nonrenewable resource extraction presented in Figure. Suppose that a technological breakthrough means that extraction costs will fall in the future (but not in the present). What will this do to future profits and, therefore, to current user cost? Will current extraction increase or decrease? Compare this to a situation where future extraction costs remain unchanged but current extraction costs fall. In this situation, does current extraction increase or decrease? Does the firm’s behavior make sense in both situations? That is, does its response to the changes in production costs in each case maximize the firm’s stream of profits over time?Suppose a fossil fuel has stable demand and a constant marginal cost. There 2. Suppose there are only 20 units of 0.10. Solve for the dynamic optimum across periods. Show your mathematical solution, but also depict it graphically (ACCURACY are only two periods. MB = 8 – 0.4q; and MC the resource and the discount rate is r COUNTS) using the double-vertical axes model from class.
- All of the below statements caution us about the dangers of continued over-reliance upon fossil fuels for future production, EXCEPT for this one. Please identify the statement that does NOT alert us that continued dependence solely upon fossil fuels for future productive activity may not be in the best interests of our global community. Group of answer choices Fossils Fuels have been associated with environmental damage, and some claim, possibly even global warming and climate change. Economies that possess oil, coal and other fossil fuels can control the price and availability of these and deny the use of these for political reasons. Better technology is enabling exploration and extraction of previously unknown or unavailable sources of oil, and even coal. Fossil fuels are finite resources. As world populations and economic growth aspirations, both, incease, economies will use more energy to produce more,Do you expect oil prices to reach the level of $ 80 to $ 100 / barrel in the future? Please support your explanation with clear arguments.Based on the following information: The investment cost is paid in full in quarter 0, and the cost of the factory is 100000 while the cost of the research is also 100000. The factory has a lifetime of 20 quarters (5 years) and the value of the factory at the end of quarter 20 is 0 Only green jetpacks should be produced at the factory throughout its lifetime. There is no investment in research to streamline production or material consumption. Suppose the quarterly demand in the market is constant and given at P = 338 - 0.018 * Q, where P is price and Q is the number of jetpacks in demand. Assume P is 248 USD and Q is 5000. There are 5 competitors in the market (including you), and all sell the same number of jetpacks each quarter at the price of 248 each. You produce as much as you sell. The costs associated with the quarterly production at the factory are given at K = 178 * Q + 20000, where 178 * Q is direct labor cost and materials, and 20000 is quarterly maintenance cost when Q is…
