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Homework 2 - 1 2 3 4 Homework2 Economics4545 .Myfriend...

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Unformatted text preview: 1. 2. 3. 4. Homework2 Economics4545 DueMondaySeptember15 AfriendofmineinWyomingjustboughtaranchthathasoilonit.Myfriend hasranchingexperience,butnoexperiencewiththeoilbusiness.Wouldyou pleasebrieflyexplaintohimthebestwaytoallocateproductionacross comingtheyears?Makesuretoexplaintohimhowpricesanddiscounting comeintoplay. Shouldhumansplaceaneconomicvalueontheenvironment?Inanswering thisquestion,discussprosandconsalongwithyourownconclusion. Answerproblem1onpage63ofthetextbook. Listandexplainthethreemaincomponentsofeconomicvalueconferredby resources.NowdrawonsomeofJohnKrutilla'spaperforexamplesofthese components. ...
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