Consider the fictional resource elastoleum. Once prevalent throughout the world, by 2020, the world supply of elastoleum had been reduced to a mere 5,400 barrels. The following graph shows the marginal cost of extracting each of the remaining 5,400 barrels as of 2020 (2020 Supply), along with the yearly demand for elastoleum. Assume the demand is unchanging and the market for elastoleum is free from government interference. On the following graph, use the grey points (star symbol) to plot the supply curve for 2021 and the purple points (diamond symbol) to plot the supply curve for 2022. In other words, if the consumption of elastoleum turned out to be 500 barrels in 2020, there would be only 4,900 barrels left at the beginning of 2021. Select the black plus symbol to see the exact price and quantity supplied in 2020. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. PRICE (Dollars per barrel) 60 8 54 48 42 36 30 24 18 12 6 0 O 0 GE 10 4.2 0.6 1.2 1.8 2.4 3.0 3.6 QUANTITY (Thousands of barrels) 2020 Supply Yearly Demand 4.8 5.4 6.0 2021 Supply 2022 Supply (?) On the following graph, use the black points (plus symbol) to plot the price of elastoleum for the years 2020, 2021, and 2022. PRICE (Dollars per barrel) 60 8 54 48 42 36 30 24 18. 12 8 O 2019 2020 2021 YEAR 2022 Selling a barrel of elastoleum in 2020 means forgoing a opportunity cost is in 2020. 2023 Price Taking scarcity costs into account, the sellers of elastoleum should (?) sale in 2022. If the real interest rate is 6%, then the present discounted value of this the 2020 price.