2. Consider a constant marginal-cost depletable resource with NO substitute resource, given by these equations: P = 8 - 0.4q MC of extraction = $2 R = 10% Q = 40 Quantity Marginal Extracted Cost (dollars and per unit Consumed extracted) Total - NWA UI Q V OO CO - N WA C O V OO CO Marginal Cost : Marginal Extraction Time Cost 0 Time 1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 11 12 (a) a. Describe, in general terms, the dynamically efficient time path for (i)_ marginal extraction cost (ii) marginal user cost; and (ii) quantity extracted based on the graph above. b. Suppose the discount rate increases from 10% to 15%. Describe the dynamically efficient time path for (i) marginal extraction cost (ii) marginal user cost; and (ii) quantity extracted for R = 15%