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(a) Conceptually what is the difference between a variable that measures a flow and one that measures a stock? (b) What is meant by the growth equation in resource economics? (c) What is the formula for the growth equation in the case of a non-renewable resource? (d) What is the intertemporal externality that arises in the case of a non-renewable resource?

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(a) Conceptually what is the difference between a variable that measures a flow

and one that measures a stock? (b) What is meant by the growth equation in resource economics? (c) What is the formula for the growth equation in the case of a non-renewable resource? (d) What is the intertemporal externality that arises in the case of a non-renewable resource? 

 
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