Question

Let's say that Earth was originally endowed with one million flerbits, \({ }^{87}\) and that we have already used up 400,000 of them. We currently extract 15,000 per year. How long does the \(\mathrm{R} / \mathrm{P}\) ratio suggest the resource will last?

Short answer

Answer: The remaining flerbits resource will last for 40 years at the current extraction rate.

Step-by-step solution

Determine the remaining flerbits

First, we need to find out how many flerbits are left after using up 400,000 of them. To do this, subtract 400,000 from the original number of flerbits (1,000,000). Remaining flerbits = 1,000,000 - 400,000

Calculate the reserve-to-production (R/P) ratio

To find the R/P ratio for the remaining flerbits, we'll first calculate the Reserve (R) and then divide it by the current Production (P). Reserve (R) = Remaining flerbits Production (P) = 15,000 flerbits per year R/P ratio = R / P R/P ratio = Remaining flerbits / Current extraction rate

Calculate the remaining flerbits and current extraction rate

Now we have: Remaining flerbits = 1,000,000 - 400,000 = 600,000 flerbits Current extraction rate = 15,000 flerbits per year

Apply the R/P ratio formula to determine how long the resource will last

Now we can apply the R/P ratio formula: R/P ratio = 600,000 flerbits / 15,000 flerbits per year R/P ratio = 40 years Based on the R/P ratio, the remaining flerbits resource will last for 40 years at the current extraction rate.

Key concepts

Finite Resources

Finite resources are natural resources that are available in limited quantities. Unlike renewable resources that can replenish naturally over time, finite resources are exhaustible. Once they are used up, they cannot be replaced on a human timescale. Examples include minerals, fossil fuels, and metals.
It's crucial to understand that the total supply of finite resources is fixed. For instance, if we begin with one million flerbits on Earth, that's the total amount we can ever access. As extraction takes place, this total depletes.

• Finite resources are not renewable.
• Once depleted, they can't be replenished.
• Understanding their limits helps in resource management.

Managing finite resources efficiently is essential to ensure that they are available for as long as possible. Extraction rates and consumption need to be monitored to avoid premature depletion of such resources.

R/P Ratio

The Reserve to Production (R/P) ratio is a measure used to estimate how long a resource will last at the current production rate. It is calculated by dividing the total reserve quantity by the annual extraction rate.
The formula is: \[ \text{R/P ratio} = \frac{\text{Total Reserves}}{\text{Annual Production Rate}} \]
In the case of flerbits, if we have an initial reserve of 1,000,000 and after some years, 400,000 are utilized, the reserves left would be 600,000. If we continue to extract 15,000 flerbits annually, the R/P ratio would be:
\[ \frac{600,000}{15,000} = 40 \text{ years} \]

• R/P ratio helps in planning extraction rates.
• A higher R/P ratio means resources last longer.
• Vital for resource management and policy-making.

This calculation provides a simple yet powerful way to manage expectations and plan better for resource usage.

Sustainability

Sustainability is all about using resources in a way that meets our current needs without compromising the ability of future generations to meet theirs. It’s about balance, ensuring that we maintain a stable availability of necessary resources over the long term.
When dealing with finite resources like flerbits, sustainability focuses on:

• Reducing consumption to avoid total exhaustion.
• Encouraging the development of alternative resources.
• Investing in technology to use resources more efficiently.

It's not enough to just rely on R/P ratios for resource management; proactive strategies are needed to ensure sustainability. This might involve setting regulations to control extraction rates or investing in renewable resources as alternatives.
Sustainability ensures not just survival, but thriving of future generations by encouraging the responsible use and management of all resources, finite or otherwise.