2. Consider l-lotelling's model of a perfectly competitive nonrenewable energy resource industry, where the time to depletion of initial resource stock 'X' is determined Within the model. Using a diagram with a downward sloping straight line market demand 'P = a bQ' and constant marginal extraction costs '0', and two diagrams with time on the horizontal axes, illustrate the effects of the following parameter changes on the time-paths of market price and quantity, and on the time of exhaustion of the resource 'T': (a) A decrease in the marginal extraction cost, c. [10 points] (13) An increase in the slope parameter of the demand curve, b. [10 points]