Macroeconomics
Macroeconomics
5th Edition
ISBN: 9781319098759
Author: Paul Krugman, Robin Wells
Publisher: Worth Publishers
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Chapter 9, Problem 13P
To determine

To explain:

a. How many years will the proven oil reserves last.

b. assumptions about total quantity of oil reserves.

c. how market forces may affect the amount of time the proven oil reserve will last.

Concept Introduction:

Malthusian View: According to Malthus, the population grows at geometric progression whereas the supply of food rises at arithmetic progression. The two types “checks” keeps the population growth as required.

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