Peter:

"Higher replacement = higher cost. You could buy all new equipment and all new bees every year. Don't expect to get much of a return on your money, however. "

A box of 10 deep frames costs $11 (and that's just the hobbist's price) at Dadant's.  Replacement of about 3 frames each year per hive is $3.30.

If that hive dies in (let's say) five years because the beekeeper recycled someone else's old combs and never replaced any, but did everything else right...and they buy replacement bees....that's $80 minimum if they're lucky.  Or they could try to catch a swarm.  No guarantees there, of course.

I like the replacement math better.

Christina

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