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natural resource economics

Questions and Answers of Natural Resource Economics

4. The yield curve for a nonrenewable resource is q = NI(1 - aI/B), where a = 0.002, N = 150 and = 0.40. Determine efficient input use, efficient harvest rate and optimal stock when profit is
3. Compare the efficient harvest rates for a renewable resource under static conditions when the demand function for the resource is downward sloping and the resource is managed to maximize net
2. What are the likely economic consequences of eroding soil at a rate that ex- ceeds the rate of regeneration? What public policies might be used to alleviate these economic consequences?
1. Explain how the degree of access to a renewable common property resource influences the rate of harvest and net social benefit compared to a situation where the resource is privately owned.
6. The rate of recycling in St. Lucia is low. The St. Lucia City Council is re- viewing a policy recommendation from the Resource Recovery Commission to ini- tiate curbside recycling. The cost of
5. A backstop technology is a technology that becomes economical to use when the price of an exhaustible resource exceeds a certain level. For example, electric- ity generated from photovoltaic cells
4. Suppose the demand equations for oil are po = 10-0.20Q in the current pe- riod and p = 30-0.50Q, in the future period. Marginal extraction cost is $1 per bbl in the current period and $2 per bbl
3. Show that Hotelling's condition (p = po(1+r)' for t = 1,...,T) is consistent with the equilibrium condition for efficient intertemporal resource extraction (p = MEC, + MUC for t = 1,...,T) when
2. It is often argued that the discount rate for a private company is higher than the discount rate for society. What is the basis for this argument? How does the dis- crepancy between private and
1. Modify the stock accounting relationship for an exhaustible resource (S = So-U) to take account of recycling.
5. Suppose the demand curve for land in Figure 6.5 shifts to the right so that the new demand equation is pa=60 -0.5Q- Determine the new equilibrium price and quantity of land and NSB.
4. How does recycling of aluminum products influence the depletion of baux- ite? [Bauxite is the mineral from which aluminum is made.]
3. What is the distinction between exhaustible resources and renewable re- sources? What is the implication of this difference for natural resource manage- ment?
2. Conventional economics addresses the optimum scale of a firm but ignores the optimum scale of the economy. The latter is a primary concern of ecological economics. Why does this dichotomy exist?
1. Why are economists most comfortable with the circular flow paradigm in the resource decision hierarchy depicted in Figure 6.1? What are some of the drawbacks of not advancing beyond this paradigm?
5. When is it in society's best interest to eliminate externalities?
4. Distinguish between a common property resource, open-access resource and a public good. Illustrate with examples.
3. Give examples of an external diseconomy and an external economy not dis-cussed in this chapter. How might these external effects be resolved?
2. Which of the four attributes of property rights appears to be most critical in terms of resolving externalities? Why?
1. Conversion of eastern Europe from a communist to a capitalist government has involved implementation of market-based incentives for determining resource use. Why have the costs of converting from
3. Are the following activities sustainable:a) imposing a tax on the sale of pe- troleum products and using the tax revenue to develop a substitute source of energy andb) harvesting timber at a rate
2. Would someone who embraces the concept of ecological economics be con- tent with the material balances approach? Explain.
1. The circular flow model of an economy is suited to conditions in a frontier economy, which has a relatively small population, primitive technology and abun- dant supplies of natural resources. The
7. Is environmental resource capacity or natural resource capacity likely to be a greater concern in developed or in developing countries? Explain.
6. What are some of the advantages and disadvantages of using physical ver- sus economic measures of natural resource capacity?
5. How important are noneconomic factors in determining resource develop- ment and use?
4. If, as some economists argue, the assumptions made by proponents of lim- its to growth are faulty, then do their conclusions have any relevance for natural and environmental resource management?
3. Aldo Leopold maintained that land managers need to develop a land ethic to preserve certain noneconomic benefits of the land such as keeping a wetland in its natural state rather than converting
2. Marshall conceptualized that technological advancements increase the mar- ginal productivity of labor, which offsets the effects of increasing land scarcity. Re- source economists have pointed out
1. Suppose that instead of growing at an increasing rate, as depicted in Figure 3.1, population grows at a decreasing rate after T', where T < T*. What are the im- plications of this change in
10. Suppose the costs of protecting wildlife habitat in a national refuge is $10,000 in year 1, $15,000 in year 2 and $25,000 in year 3. Calculate the present value of costs using an annual discount
9. Calculate future value at the end of the fifth year of placing $100 in a sav- ings account that pays 4 percent annual interest.
8. Suppose the demand function for an input is: Pa = 24 - 2Qd where pa is the price and Q is the quantity demanded of the input. Graph the input demand function and determine equilibrium input use
7. Describe the relationship between the expansion path and the long-run marginal cost curve.
6. Explain how the demand curve for an input is derived.
5. Identify the kinds of inputs that are likely to limit the generation of elec- tricity from solar energy in the short run.
4. How is production technology accounted for in determining the efficient use of inputs by a firm?
3. Use an indifference map and budget line for commodities X and Y to il- lustrate what happens to household equilibrium when the price of Y decreases while holding the price of X and household
2. Explaina) why the tangency between the budget line and indifference curve is an equilibrium for a household andb) why the tangency between the iso- cost line and isoquant is an equilibrium for a
1. Discuss the relationship between an indifference map and a utility function and between an isoquant map and a production function.
6. Cornucopians believe that changes in technology and substitution of manu- factured capital for natural resources are sufficient to offset the depletion of natural resources and curb environmental
5. In an effort to control population growth, the People's Republic of China se- verely penalizes couples who have more than one child. Some view this policy as draconian. Others believe population
4. In the spotted owl controversy, economic development interests argued that income and employment losses from reduced harvesting of old growth forests in the Pacific Northwest were too high a price
3. Advocates claim that increased use of solar energy would reduce depen- dence on exhaustible energy resources, the incidence of environmental pollution, and vulnerability to disruptions in crude
2. Many developing countries believe that developed countries should assist them in applying technologies that reduce carbon dioxide emissions, which are the primary cause of global warming. They
1. Many developing countries desire to achieve the same standard of living as developed countries. Several scientists and economists argue that there are not enough natural resources in the world for
10. Which ethical theory do you feel has the strongest influence on policymakers in your family, local area, and nation?For which of these sets of policymakers would you most like to see a change in
â•‡ 9. The tenets of ecofeminism suggest that those who seek to dominate or exploit women and those who seek to dominate or exploit the wilderness have a similar mindset. Do you agree?Are the
â•‡ 8. Utilitarian Jeremy Bentham argued that if utility is good, then it is good irrespective of whose utility it is, and thus the sum of societal utility should be maximized.In what ways do
â•‡ 7. Draw a utility distribution curve on which the Rawlsian and the egalitarian allocations are identical, but the utilitarian allocation is different. Label the points representing each
â•‡ 6. Consider one of the many dilemmas faced by the U.S. Food and Drug Administration. A National Academy of Sciences report in 2000 estimated that 60,000 women in the United States put their
â•‡ 5. Rawls (1999, p. 205) writes that if government is assumed to aim for the common good, and if “some men can be identified as having superior wisdom and judgment, others are willing to
â•‡ 4. Do you believe that many Swiss dairy farmers really care about their animals as suggested in the text? Do you believe that many McDonald’s executives really want to provide for an
â•‡ 3. The giant Asian pond turtle is endangered.It is also highly sought after for medicinal and food purposes. Would you hunt and kill one of these turtles for$20? For $10,000? At what price
â•‡ 2. What criteria do you most often use when faced with an ethical dilemma?Which of the theories described in this chapter is the closest to your personal theory? Do you think any of the new
â•‡ 1. Imagine a world in which individuals cared only about themselves. Choose two of the following types of people and describe, in one paragraph each, how you think their behavior would
11. What potential problem with conventional arbitration is resolved by final offer arbitration?
10. Those who bargain ruthlessly and are intent on maximizing their personal gain are sometimes called “hawks.” “Doves”give in easily, favoring peaceful accord over the potential gains from
9. Do you feel that lawyers can bring justice to those who need it while stopping short of encouraging unnecessary litigation? Why or why not?
8. What concerns might prevent Superfund litigants from pressing on to trial in the face of a seemingly unfair demand from the EPA? (Hint: From whom does the Superfund typically seek retribution and
7. Which dispute resolution technique would you advise for neighbors who disagree over homeowners’ rights to replace lawns with unmown native grasses.
6. Which dispute resolution technique would you advise for the farmers and government of Belize in their dispute over the property in the Five Blues National Park?
5. What dispute resolution technique would you advise for Spain and Britain in their dispute over the Rock of Gibraltar?
4. What do you think is the strongest deterrent to settlement in the dispute over the Rock of Gibralter?
3. Name the four conditions for settlement explained in this chapter. For one of them, explain a deterrent to reaching that condition and a remedy for that deterrent.
2. Answer the following questions in the context of the Exxon Valdez case explained in Problem 1.a) What is the bargaining rent?b) What is the most either side should pay for the right to make a
1. Suppose that in the punitive damages phase of the Exxon Valdez case, both sides expect an award of $2 billion on appeal, and that if they proceed with the case without settling, the additional
10. Indicate whether the following statement is true, false, or uncertain, and illustrate your answer using a set of graphs similar to those in Figure 14.6:If the marginal cost of extraction
9. Indicate whether the following statement is true, false, or uncertain, and explain your answer: If every type of water use were 100 percent nonconsumptive, the only major problems regarding the
8. Of the plans you graphed in Problems 6 and 7, rank them in order from best to worst in their ability to promote efficient resource use. Which of these plans most closely resembles the pricing plan
7. Draw another graph with the price per unit on the vertical axis and the number of units purchased on the horizontal axis. Draw the relationship between price and quantity for each of the following
6. Draw a graph with the price per unit on the vertical axis and the number of units purchased on the horizontal axis.Draw the relationship between per-unit price and quantity for each of the
5. The section on water allocation discusses the division of water between industry and agriculture in Taiwan.Using a graph similar to Figure 14.3, explain how this analysis would change in the
4. Indicate whether the following statement is true, false, or uncertain, and explain your answer: Riparian water rights are more efficient than prior appropriation rights.
3. Do you agree with Klaus Toepfer that wars over water are inevitable? What do you see as the most realistic policy approach to minimizing future conflicts over water? Would you be in favor of water
2. Consider the graph of crude oil prices in Figure 14.1.a) Explain how a decrease in price could be consistent with Hotelling’s rule.b) Some investigators have concluded that Hotelling’s rule
1. Given the assumptions of Hotelling’s rule and constant extraction costs, what is the total value of a stock of 1 million“dry long ton units” of extractable iron ore if the current price is
10. How would each of the following affect the socially optimal rotation intervals for trees?a) An increase in the demand for real estateb) An increase in soil erosion on deforested land due to
9. Policymakers sometimes consider relaxing access to national forests for logging purposes. Relative to harvest decisions made for trees on private land as discussed in this chapter, how would you
8. Draw a graph with growth per year on the vertical axis and time on the horizontal axis that corresponds with the total growth function in Figure 13.7.Explain why the optimal harvest is unlikely to
7. Discuss the implications on fishery policy decisions of each of the following:a) An increase in certainty about the catch per unit of effortb) An increase in certainty about growth ratesc) An
6. List three common-property resources not discussed in this chapter to which the models explained in the chapter could be applied.
5. Consider once more the situation in Problem 3. Explain two policies that do not involve a fee that could result in the optimal level of effort. What complications might arise in the administration
4. Considering the data provided in Problem 3, what is the economic rent with the socially optimal number of pickers? What economic rent results from entry based on private incentives?What entry fee
3. Wild morel mushrooms are a delicacy in soups and salads. The following table shows the number of mushrooms that can be harvested per picker per hour in a fictional forest, depending on the number
2. Draw a depensated growth function that is not critically depensated. Label any stable or unstable equilibria.Discuss whether this function might apply to the growth of some animal stocks.
1. Consider a fishery with annual growth as shown in Figure 13.9. Explain what would happen if there were a continued annual catch of CatchA with a beginning stock of each of the following:a) SAb)
10. Suppose that ChemsAreUs Corporation is contemplating the production of Agent Yellow, an update of defoliant Agent Orange. Agent Yellow has a 10 percent chance of causing $1 billion worth of
9. Describe an environmental problem that might be solved with activism and the type of activism you would recommend.Discuss the combination of incentives that the source of this problem will face
8. The text explains how commandand-control policies, including the Endangered Species Act and the National Pollutant Discharge Elimination System, might be combined with market incentives to yield
7. Draw a graph as in Figure 12.2 and label the four cost curves W, X, Y, and Z, in that order, from left to right. Assume that firms are risk neutral unless told otherwise, there are no Pigou taxes
6. The Endangered Species Act stipulates that recovery plans be established for each listed species without regard to the cost of recovery. Using economic reasoning, explain what you perceive as the
5. In what situations are command-andcontrol regulations most appropriate?Provide a specific example that is not from this book.
4. Draw two graphs with identical demand curves for pollution defined by the equation Q = 100 â‹™ P, with Q being the quantity of pollution and P being the price per unit of pollution.Assuming
3. Suppose that rather than regulating the amount of pollution, the government regulated the amount of pollution abatement. Draw a graph similar to Figure 12.1 except with units of pollution
2. Consider an electric utility that in 2009 had enough SO2 allowances to cover its current emissions. If the utility could have reduced its emissions at a cost of$50 per ton, should it have done
1. Environmental policies have not been changed at the behest of ecoterrorists, nor are concessions typically made to other types of terrorists or kidnappers.What is the logic behind a policy of
â•‡ 9. Giant pandas live in China. In what way is the threat of the giant panda becoming extinct an international problem? How might international cooperation lead to a solution?10. Why is it
â•‡ 8. As the director of the World Bank, what one question would you add to those listed in the section on the World Bank and the IMF as a consideration prior to the adoption of policy?
â•‡ 7. What do you see as the greatest specific cost and benefit of globalization?

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