Answer to Question #31440 in Economics of Enterprise for madu

Question

As Alberta's reserves of light crude oil began to deplete, so did the production.Alberta's light crude oil production totaled 37.3 million cubic metres from 1997-2005.
2.1 This production has continued to decline each year from 1990 and only 21.7 million cubic metres were produced in 2005.
Use the above scenario to define a sequence or a series to predict possible initial production in year 1990 and the trends in the use or production of the resource over 1990-2005 year period. hence,predict the production of year 2008.
2.2Assume that the production of light crude oil declines at the rate of 30% of its total production of the previous year from 1990. Define a sequence or a series to predict possible initial production in year 1990.
2.3 predict life time of Alberta's reserves,for case 2.1 and case2.2 comment and justify what is the most accurate method for analysis.

Answer 1

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