1. Constant Marginal Extraction Cost (MEC): Using a 2 period model (assumptions: P=100.5Q,MEC=3,r=10%,20 units of the resource available) answer the following questions: a. Provide an expression for the marginal net benefit of extraction of the resource b. What is the expression for inter-temporal optimality condition? Explain the intuition of this condition in plain words. c. Derive the optimal quantity allocation across time periods (Q1,Q2) d. Derive the optimal resource prices that yield this efficient allocation (P1,P2) e. What is the Marginal User Cost in both time periods (MUC1,MUC2) f. Provide an interpretation of the ratio of MUC2 and MUC1 1. Constant Marginal Extraction Cost (MEC): Using a 2 period model (assumptions: P=100.5Q,MEC=3,r=10%,20 units of the resource available) answer the following questions: a. Provide an expression for the marginal net benefit of extraction of the resource b. What is the expression for inter-temporal optimality condition? Explain the intuition of this condition in plain words. c. Derive the optimal quantity allocation across time periods (Q1,Q2) d. Derive the optimal resource prices that yield this efficient allocation (P1,P2) e. What is the Marginal User Cost in both time periods (MUC1,MUC2) f. Provide an interpretation of the ratio of MUC2 and MUC1