Suppose for the sake of this question that all of the emissions that contribute to global warming arise from the combustion of coal, gas and oil. Many policymakers advocate a tax on the production/sale of coal, gas and oil as a way to mitigate climate change. Suppose that the way the coming tax is implemented is the following. On January 1, 2021, a law is passedannouncingafuturecarbon tax of $50 per ton of carbon emitted, beginning on January 1, 2023. The tax is expected to increase by 2% per year indefinitely beyond that date.

Using a simple supply-and-demand framework, what do you expect this policy will do to global warmingtoday?