In today's class (March 22nd),  we will cover one of the core topics of energy economics: static efficiency. We will start with an introduction of static analysis and what energy sources are more suitable for the application (e.g., coal, renewables) as the current usage for natural resources won't affect future generations' usage. You will also learn the rules of supply, demand, and costs (including average costs, marginal costs, and variable costs) in energy markets. The learning objective today is to review those economic analysis methods that you are familiar with for future applications.