Download Energy Economics and Policy by James M. Griffin and Henry B. Steele (Auth.) PDF

By James M. Griffin and Henry B. Steele (Auth.)

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2(c) graphically describes the situation. The demand curve D reflects the private benefits to the exotic dancer. The demand schedule Ds reflects the social benefits of consumption, which include the sum of private benefits to the exotic dancer plus the benefits to her neighbors upstairs. In the absence of any compensation by the bache­ lors upstairs, the dancer will pay price P* and choose heat consump­ tion of Qp, since at this level marginal private benefits equal the mar­ ginal cost of heat.

ENERGY ECONOMICS AND POLICY The negative slope of the production possibility frontier is referred to as the marginal rate of transformation (MRT). The marginal rate of transformation shows that to increase gasoline production by AG, air conditioning production must be reduced by AA in order to divert the resources needed for the increased gasoline production. 2) follows, since if 3 units of air conditioning must be given up to get 1 unit of gasoline, then the marginal cost of gasoline is 3 times the marginal cost of air conditioning.

2 shows the trends in noncommunist world oil demand and production by non-OPEC sources. 2 Noncommunist world consumption together with OPEC and non-OPEC supply. oil d e m a n d remained rather stable despite the enormous price in­ crease, convincing OPEC that demand was very price inelastic. Simi­ larly, production from non-OPEC sources expanded only modestly, en­ abling OPEC to produce as much oil in 1980 as it did in 1973, prior to the embargo. But the proceeds from such production in real dollars in 1980 were almost ten times the 1973 collections.

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