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B Externality and Suboptimality
A Proposed Solution
F Application to Groundwater Mining
1 other sections not shown
agency agreement Allocation amounts proportional antitrust aquifer aquifer-wide capitalized value cartel common common-pool competitors common-pool problem common-pool producers competition for ownership cost of production curtailed output demand curve discount rate drive-in duction early production Econ economic exhaustible resource exhaustible-resource firms exhaustible-resource industry exhaustible-resource production external costs factory favor of early fraction future profits gallon of murk incentive increase output inexpensive ownership large number lift costs Linear Programming marginal factor cost marginal gallon marginal opportunity cost marginal unit marginal-cost curve marginal-factor-cost mineral monopolist monopoly profit monopoly rent murk pool murk produced oligopolistic Oligopoly optimal rate overlying acreage overlying producers owner Pabst perfectly competitive period present production present value produce murk production rate property rights proposed solution rate of production restrict output restricting firm restriction of output rule of capture share socially optimal society storage value suboptimal supra note theatre total future total volume transaction costs volume Q withdraw