Question: Question 3 10 pts Consider a fast growing tree that reaches maturity in 14 years. The table below shows the timber volume as a function

Question 3 10 pts Consider a fast growing tree that reaches

Question 3 10 pts Consider a fast growing tree that reaches maturity in 14 years. The table below shows the timber volume as a function of age of the tree. Years 0 1 2 3 4 5 6 7 89 10 11 12 13 14 15 16 17 18 19 20 Volume|0 50120|220350500|7001000|1300|15001650|1780|1880|1950|2000 1980|1950|1900|1830|1730|1600 dVol 50 70 100 130 150 300 300 300 200 150 130 100 70 50 -20 30 50 -70 -100 -130 Suppose that the price of timber is 1, the cost of harvest is 10, the value of the bare land is 100, and the discount rate is 10%. Suppose that you have a parcel of land and can plant this species of tree. In what year should the timber be harvested? HINT: The marginal condition is harvest when (growth in value of stock)

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