Suppose that output in a country is produced using only a nonrenewable resource. The rate of extraction
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Suppose that output in a country is produced using only a nonrenewable resource. The rate of extraction of the resource is 1% per year. After 36 years, total output in the economy has doubled. What was the rate of technological progress? After how many years will the stock of the resource be reduced to one-eighth of its initial level?
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