Please follow the directions carefully and show your work within reason. Once again, I strongly advise that you work through these problems before the exam, as completing the exam in the allotted 75 minutes will be difficult unless you have done so. For each, show why or why not. Storage costs are zero. Suppose that the value of timber on land owned by John, the famous ECU natural resource economist, at year t is .
Upkeep costs are zero.
Find the elasticity of demand of the demand function , where k and n are positive constants, by first taking the natural log of both sides.