Suppose that Country Xs generation (human population) is thirty-five years, and we are concerned with only two generations. Demand and supply functions for oil in present generation are given by: D = 200 5 , S= 5 (a) Draw a demand and supply graph showing the equilibrium price and quantity consumed in current generation in the absence of any consideration of the future. [2 marks] (b) Draw a graph showing the marginal net benefits from consumption by the current generation. [3 marks] (c) Suppose that the net benefit function is expected to be the same for the next generation. The discount rate is 4 percent per annum. Total oil supply for both generations is limited to 160 units. Calculate the efficient allocation of resources between the two generations and show this graphically. [10 marks]