Scarcity VS Abundance Reserve is the quality of a resource that has been found a

Question

Scarcity VS Abundance

Reserve is the quality of a resource that has been found and is economically recoverable with existing technology. To calculate projected lifetime we use the current rate of production of the resources, assuming it would continue at the same rate. Projected lifetime is the reserve of the material divided by the rate of production.

Projected lifetime= Reserve/Production Rate

According to the USGS, in 2008 the worldwide reserve of tin was 5.6 million metric tons, with a production rate of 0.3336 million metric tons per year. What is the projected lifetime of tin. Show your calculation.

1a, Discuss based on your answer; are the tin ores becoming scarcer? How would price influence their rate of use?

1b. How would an improved mining technique or technology influence the quality of the reserves?

1c. How would the projected lifetime's changes as a result of new techniques and increasing pricing? Would it have any effects on the enviroment?

Explanation / Answer

Natural resource economics

Comprehensive natural resource models

Trend towards perpetual resources

Transitioning: perpetual resources to paleoresources

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