Q2) QUESTION 2 HAS TWO PARTS a) For a typical nonrenewable
resource, would you expect the rate of extraction to increase, be
constant, or decrease over time? Why? Explain with graph.
b) Following the reasoning of Harold Hotelling, we might expect the
real price of nonrenewable resources to increase continually over
time, as resource stocks are depleted. But, empirical evidence (as
documented by Margaret Slade) for a number of nonrenewable
(mineral) resources indicates that their prices over the past
century...