Suppose a fossil fuel has stable demand and a constant marginal cost. There are only two periods. MB = 8 – 0.4q; and MC = 2. Suppose there are only 20 units of the resource and the discount rate is r = 0.10. Solve for the dynamic optimum across periods. Show your mathematical solution, but also depict it graphically (ACCURACY COUNTS) using the double-vertical axes model from class.
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#2. You have two periods. I've given you an externality with MEC=0.05q1. So,
MB1=8-0.4q1
MB2=8-0.4q2.
So, the externality is a cost realized in period 2 but caused by period 1's production choice. Q1 belongs to the first period, and Q2 is the second.
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