Compare and contrast the difference between dynamic, Business Economics

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Compare and contrast the difference between dynamic

Compare and contrast the difference between dynamic (intertemporal) efficiency and static efficiency with respect to non-renewable resources.

(A) What are the efficiency conditions for each?

(B) What costs reflected in the inter-temporal analysis are not captured in the static analysis?

(C) How does the discount rate factor into each analysis?

(D) What impact does the discount rate have on the allocation of non-renewable resources across time and long run price path of non-renewable resources? (Hostelling rule).

(E) Discuss the ethical issues associated with economists use and choice of a discount rate when analyzing natural resource and environmental problems.

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