Business, 09.10.2019 23:20 carog24

This question concerns the efficient market allocation of a depletable resource. let’s think about rare earth minerals used in electronic devices and present in relatively small quantities in the earth’s crust. there are two time periods. suppose the willingness to pay function for the rare mineral is p=15-0.3q and the marginal cost of supplying a ton of the mineral is $5. the total stock of the mineral is 50 tons. as a benevolent social planner, you need to allocate the total stock of the mineral between the two periods in a dynamic efficient allocation. you decide that the discount rate should be 0%. given this information, find (a) how much of the mineral should you allocate to each time period? why? (b) what is the efficient price in each time period? (c) what is the marginal user cost in each time period? (d) do the static and dynamic efficiency criteria yield the same answers in this situation?

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This question concerns the efficient market allocation of a depletable resource. let’s think about r...

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