Problem
For the increasing marginal-extraction-cost model of the allocation of a depletable resource, how would the ultimate cumulative amount taken out of the ground be affected by (a) an increase in the discount rate, (b) the extraction by a monopolistic, rather than a competitive, industry, and (c) a per-unit subsidy paid by the government for each unit of the abundant substitute used?
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.