Question

Aa Aa 3. Nonrenewable resources Consider the fictional nonrenewable resource elastoleum. Once prevalent throughout the world, the world sup elastoleum had been reduced to a mere 3,600 barrels by 2011. The follwing graph shows supply curves of extracted elastoleum from 2011 to 2013, along with the yearly de for elastoleum. Assume the demand is unchanging, and the interest rate is constant between those years PRICE (Dollars per barrell 80 72 64 56 48 40 32 24 16 Supply I Supply Supply Yearly Demand 0.00.8 1.6 2.4 3.2 4.0 QUANTITY IThousands of barrels) Which of the supply curves represents the supply of extracted elastoleum in 2012? O Supply I O Supply II O Supply III

Answer 1