It's the year 2020, and scientists have found a way to mine gold deposits situated deep inside the Earth, that has been inaccessible with today's technology.

Answer the following questions:

1. What effect will this development of mining technology have on the supply of gold? . Type U for unknown, L for shift left, R for shift right, N for no effect.
2. Consider the Australian Government implements a tax on gold. If this brings about a shift for gold that is larger in magnitude than the shift from the increased gold production from mining (ceteris paribus), how would the equilibrium price of gold compare to before introducing both the tax and mining technology? . Type L for lower, H for higher, N for no change, U for unknown and need more information.
3. A large firm currently operates an oil reserve in an area where gold has been detected deep underground. If the firm decides to pause their oil extracting operation and instead mine the gold using the new mining technology, what effect would this have on the supply of oil? . Type U for unchanged, D for demand shifts left, R for demand shifts right, S for supply shifts right, L for supply shifts left.