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In the article titled "BHP warns AI Boom Would Worsen Copper Shortage," BHP, the world's largest mining company, raised concerns and questions regarding the growth of AI and its ever-present increasing demand for energy. This increase in demand for energy has led to an increase in the demand for copper, and a projected increase in copper demand by 2050 of 72%. With this, BHP is looking to find more copper sources and acquired OZ Minerals. Further, they failed to take over Anglo American and are faced with a shrinking copper supply due to mines taking approximately 15 years to develop. Copper is essential for electrical wiring and this poses a dilemma for BHP in ensuring holistic global transitions to cleaner energy.

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One of the economic concepts related to the article "BHP warns AI boom would would worsen copper shortage" is the interdependence principle, specifically the dependency through time. The company BHP has realized the copper market will continue to grow for the foreseeable future and because of that, are trying to buyout companies such as Anglo American and Oz Minerals.

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Another concept that relates to the article is opportunity cost. Due to the looming price increases for copper, many companies might try and find a more cost effective replacement to copper, aka substitutes. The future increase in copper price caused by the increase in demand will cause the demand of substitutes for copper to rise in the future. The potential shortage caused by the big demand increase is another reason substitutes may become more viable.

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Lastly, the supply elasticity of copper is relevant in these articles. The article states that it typically takes about 15 years to get a new copper mine into production. This means that the supply elasticity is fairly inelastic because even when prices are increasing, the quantity supplied won't increase as much due to the fact they simply can't produce more, especially when copper production is already essentially maxed out.

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The article covers many principles covered in class, showcasing how a demand surge with a relatively inelastic supply curve can result in some panic for the future. The copper industry having to take a long time to adjust to a demand surge will lead to a massive shortage in the market. This will lead to buyers in that market to potentially leave to buy substitutes in the future, making the demand for those goods increase as well. It also showed how companies will want to try and get a bigger stake in the industry to try and maximize profits when the price does eventually rise.

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Looking at the study of the AI boom and how it affected the demand for copper shows just how complex it is when advances in technology and limited supply of resources meet. There is a fixed supply of copper, even though demand is rising due to certain infrastructure that is linked to AI and a general move toward cleaner energy. This is because production takes a long time and there aren't many high-quality copper sources available. Because of this imbalance, prices could go up a lot, putting pressure on the economies of many businesses that depend on copper.

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When taking a look at world Copper Shortage in the standard economic equilibrium model, we can see that copper's supply is less than equilibrium. High grade economic copper resources are not currently abundant, leading to a decreased supply in the market. Existing mines and projects under construction will only meet 80% of needs by 2030, according to Shawn Baldwin from the CNBC article. The decreased supply in the market pushes up prices, leading to decreased quantity as well.

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For this reason, the model we have created aligns very closely with the article. Once more efficient production can be created, the market will push out more supply, decreasing the price of copper and increasing the quantity.

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From an economic point of view, the expected shortage means higher prices, more competition for copper resources, and the chance to come up with new ideas as we look for options or substitutes. This matches the usual equilibrium model, which says that either a shift to the left in supply or a shift to the right in demand will make the equilibrium price go up. But the model also shows how important elasticity is: because the supply of copper isn't very flexible, even small increases in demand can cause prices to rise disproportionately.Normatively, the situation makes me think about fairness and effectiveness. Some businesses, like mining companies, may gain from higher copper prices, but others will have to pay more, which could slow down technological progress and make prices go up for consumers.

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Also, the fact that copper resources are limited makes it even more important for governments to step in and support sustainable mining methods, smart resource allocation, and rewards for the creation of good alternatives.

In conclusion, the copper shortage caused by the AI boom shows how hard it is to control natural resources while technology grows. Copper production and use will need to be sustainable in order to keep prices from going up too high, keep the market stable, and make sure that technological growth keeps helping everyone.