Reference no: EM131240661
Energy Economics Assignment
Question 1: Discuss within a paragraph or two the similarities and differences between 'energy demand' and 'energy consumption.
Question 2: Look at data provided in the table containing energy consumption of various sectors in Canada and answer the question.
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Energy demand in Canada
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2006
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2007
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2008
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2009
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2010
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Producer consumption
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1,319,061
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1,326,389
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1,263,257
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1,284,317
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1,177,521
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Energy use, final demand
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7,495,680
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7,877,622
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7,840,733
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7,442,670
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7,606,813
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Agriculture
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229,207
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235,493
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239,118
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210,602
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246,059
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Residential
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1,281,629
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1,400,354
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1,401,504
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1,324,112
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1,263,894
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Commercial and other institutional
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1,058,149
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1,105,950
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1,122,558
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1,036,357
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1,018,346
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GDP: million 2002 dollars
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1,191,403
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1,218,981
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1,229,786
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1,193,211
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1,233,930
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Calculate annual growth rates of energy use in agriculture from 2009 to 2010, and from 2008 to 2009. Be sure to show your calculation.
Question 3: Using the information provided in the table in Question 2, calculate income elasticity of energy use between 2008 and 2009, and between 2009 and 2010. Be sure to use mid-point formula and to show your calculations.
Question 4: What are the differences and similarities between 'elasticity' and 'annual growth rate'? As an economist, which one do you prefer? Why? Explain briefly.
Question 5: "Energy demand management is relatively a new phenomenon" Explain this statement by defining energy demand management and providing a brief overview of its evolution.
Question 6: Check out and familiarize with the example on page 13 of SCB (SCB: Chap 2) about how much primary energy product may be needed for having a work done, and then, answer the following question. Suppose you drive 20 km (back and forth) to school on a regular basis, a total of 80 days a year. You estimated precisely and found that your car costs 2 liters of gas every day with a total of 160 liters of gas to your commute to school every year. Through your Energy Economics course, you decided to find out how much crude oil has to be present in the oil field for your annual commuting needs to school. You know that the fuel you buy from pumps involves a transportation loss of 5%; the refinery operates at an efficiency of 95%; the gasoline conversion rate at the refinery from crude is 30%; and the crude oil recovery from oil field is 20%. Calculate how much crude oil has to be in the field to satisfy your annual commuting energy need.
Question 7: A rational consumer's utility function is, U=X0.5E0.5, where, U represents utility, X represents all other goods and E represents Energy. The consumer's budget constraint is $200 and the prices of Energy and other goods are $4 and $2, respectively. With the objective of maximizing utility, how much X and E the consumer should buy? Show your entire calculation.
Question 8: You are given the following table containing GDP and energy use in three sectors of Alberta economy in two different years.
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GDP
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Energy Use
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2010
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2015
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2010
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2015
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Goods production
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44.41
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49.94
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10.78
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11.80
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Service production
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55.59
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60.06
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13.75
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15.00
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Industrial Production
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33.60
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37.09
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27.08
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27.90
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Total
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133.6
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147.09
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51.61
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54.7
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Calculate GDP Shares and energy intensities in one table as has been done in class. Also calculate the three effects - activity effect, intensity effect and structural effect and present in a separate table. Calculate the total effect and the residual as well on the right of the table adding two more columns.
Question 9: Check your answer and make sure that you have followed all direction provided on the first page.
Attachment:- Chapter 2.rar
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