Problem
Consider an increasing marginal-cost depletable resource with no effective substitute.
(a) Describe, in general terms, how the marginal user cost for this resource in the earlier time periods would depend on whether the demand curve for that resource was stable or shifting outward over time.
(b) How would the allocation of that resource over time be affected?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.