a) Graphically, show the time path of prices, MC, and resource consumption for oil depletion assuming a renewable substitute exists and MEC increases as extraction increases. How has the advent of fracking changed this model, if at all? Explain.
b) Germanium, used extensively in fiber optics, infrared optics, electronics, and solar power applications, is regarded by many observers to be a strategic critical mineral. Explain why or why not it makes sense for the U.S. to be self-sufficient when it comes to Germanium.
c) Why is the price OPEC charges less than if OPEC was a “true monopoly?”