hi i need help with part b i and ii. Here are the previous steps from part a. In environmental economics, the constant cost and increasing marginal cost depletable resource analysis is animportant part to study the effects of cost of extraction, availability of renewable resource substitute and thetendency of resource to exhaust over a time period. The time path analysis model helps to study thecomparative analysis of extraction and whether the resource will exhaust and when.Step 2Part a.The graph of time path of resources can be given as follows:Quantity of extraction and usage of resourceExtraction and use of depletable resource with constant costExtraction of renewable resourceExtraction of renewable resource starts10152025TimeThe change in time path can be seen. As both the depletable and renewable resources are perfect substitutes,with constant marginal costs, the usage of these resources varies over the time period. Suppose from 0-15time periods, only depletable resource was available. The quantity of extraction of depletable resource is highinitially. But, as more and more resource is extracted, its quantity available decreases, and hence theextraction also decreases. But the rate of decrease in extraction is lower. In the 15th time period, therenewable perfect substitute resource is discovered.Once the extraction starts from this point, shown by dotted line, the rate of extraction of depletable resourcefalls rapidly. Businesses gradually start substituting the resource with renewable resource. The line ofextraction of renewable resource shows upward trend. In next 10 time periods, the use of renewable resourcerapidly increases, and goes on increasing.Step 3The resource does not exhaust in near future, but in long term, it might exhaust. The rate of extractiondecreases post the switch to new renewable substitute. But, the cost and choke price of renewable resource ishigher than the depletable resource. This means not all businesses will afford to substitute with renewableresource and hence in future, the extraction of depletable resource will still continue. But due to partial switchthe resource will not exhaust early.Step 4Thus, the time path shows that the extraction of depletable resource will decrease over time, but not rapidlyas the renewable resource cost is higher than the depletable resource. Also, depletable resource will notexhaust in near future. Draw consumption and marginal cost time paths for a depletable resource with a stabledemand and constant MC (this is the first model we drew in class) for each of the belowdescriptions. Illustrate how what is described differs from the optimal paths for the depletable,utilizing the same graph. (So, you'll have two lines on each time path model: one for thereference depletable, and one for what is described). This is an exercise called "comparativestatics".Society expects a reasonable renewable perfect substitute withconstant MC to become available in the future, where Choke Price >MCrenewable > M Caepletable.i. Show change in time pathsii. Do we still exhaust the resource?а.b.Consider TWO depletables, but one with a higher marginal costs. Forexample, Choke Price > MCoil > MCnatural gas·i. Show change in time paths.ii. Do we still exhaust the resource?iii. Google: Is natural gas cleaner or dirtier to burn than oil? (cite sources APAor Chicago style)Explain why increasing marginal extraction costs are necessary toproduce a switch to a cleaner substitute before exhausting the depletable.С.I ExpandTranscribed Image TextDraw consumption and marginal cost time paths for a depletable resource with a stable demand and constant MC(this is the first model we drew in class) for each of the below descriptions. Illustrate how what is described differsfrom the optimal paths for the depletable, utilizing the same graph. (So, you'll have two lines on each time pathmodel: one for the reference depletable, and one for what is described). This is an exercise called "comparativestatics". a. Society expects a reasonable renewable perfect substitute with constant MC to become available in thefuture, where Choke Price > MCrenewable > M Caepletable· i. Show change in time paths ii. Do we still exhaust theresource?

As per the request, part b i and ii have been answered.In environmental economics, the constant cost…

Draw consumption and marginal cost time paths for a depletable resource with a stable demand and constant MC (this is the first model we drew in class) for each of the below descriptions. Illustrate how what is described differs from the optimal paths for the depletable, utilizing the same graph. (So, you'll have two lines on each time path model: one for the reference depletable, and one for what is described). This is an exercise called "comparative statics". a. b. Society expects a reasonable renewable perfect substitute with constant MC to become available in the future, where Choke Price > MCrenewable > MC depletable. i. Show change in time paths ii. Do we still exhaust the resource? Consider TWO depletables, but one with a higher marginal costs. For example, Choke Price > MCoil > MCnatural gas. i. Show change in time paths. ii. Do we still exhaust the resource? iii. Google: Is natural gas cleaner or dirtier to burn than oil? (cite sources APA or Chicago style)

Draw consumption and marginal cost time paths for a depletable resource with a stable demand and constant MC (this is the first model we drew in class) for each of the below descriptions. Illustrate how what is described differs from the optimal paths for the depletable, utilizing the same graph. (So, you'll have two lines on each time path model: one for the reference depletable, and one for what is described). This is an exercise called "comparative statics". a. b. Society expects a reasonable renewable perfect substitute with constant MC to become available in the future, where Choke Price > MCrenewable > MC depletable. i. Show change in time paths ii. Do we still exhaust the resource? Consider TWO depletables, but one with a higher marginal costs. For example, Choke Price > MCoil > MCnatural gas. i. Show change in time paths. ii. Do we still exhaust the resource? iii. Google: Is natural gas cleaner or dirtier to burn than oil? (cite sources APA or Chicago style)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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