1)Define the 5 different types of capital discussed in class (10 points). Provide an example of each type of capital applied to the creation of Odell’s IPA, Odell Brewing Company, Fort Collins, Colorado (10 points). (Chapter 2)
2) Construct a single model that can be used for illustrating the management of renewable, nonrenewable and recyclable resources over two time periods (5 points). Provide a definition and example of each type of resource (5 points) and a brief interpretation of the variables in the context of the resource (5 points). Identify all situations under which sustainable extraction rates might take place (5 points).
3) Complete the table below (10 points) that illustrates market failure under open access beach. Identify the open access solution and the socially optimal solution (5 points). Discuss the technical differences between privately optimal and socially optimal resource use and at least two means by which the situation might be improved from society’s perspective (5 points).
Daily costs and returns from an open access beach
Number of visitors (#)
Benefits per visitor ($)
Cost per visitor ($)
Total cost ($)
Net returns per visitor ($)
Aggregate net returns ($)
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