Question: Figures 7.1 and 7.2 represent a case where the backstop (marginal = average) production cost is a constant, b. For this question, suppose instead that

Figures 7.1 and 7.2 represent a case where the backstop (marginal = average) production cost is a constant, b. For this question, suppose instead that the backstop cost equals 21bz2, so the marginal cost of the backstop equals bz (instead of being constant at b). As before, average extraction cost of non-renewable resource is constant at C

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