Question: Choice under scarcity: Consider petroleum as a scarce resource which requires efficient allocation and provide an economic analysis that applies to this scarce resource for

Choice under scarcity: Consider petroleum as a scarce resource which requires efficient allocation and provide an economic analysis that applies to this scarce resource for the world economy. In this analysis, explain why scarcity of petroleum exists for the world economy under consideration. (Use data to justify) and provide a framework and valuation methods that could be used to quantify the economic values of the petroleum resource

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