5. Explain how the dynamically efficient price path changes as the discount rate rises.

6. How will the dynamically efficient allocation of the fixed resource stock change if the discount rate r becomes larger (and all else remains the same)? Why?

7. Suppose that the discount rate, demand, and marginal cost remain the same, but the resource stock increases. How will this change affect the marginal profit in any given period?

8. Given the r percent rule of extraction, if demand and marginal cost are stationary over time, what is the resource price path over time?