Suppose that there is a nonrenewable resource that can be consumed today (period 1) or tomorrow (period 2) and that it has a fixed supply of 8 units. Assume that the inverse demand for the resource in each period is given by:

P₁ = 80 - 5Q₁

P₂ = 80 - 5Q₂

Moreover, assume that the resource's marginal extraction cost (MEC) is constant in both periods at $15 and that the social discount rate is 12% (i.e., r=0.12).

What is the efficient level of consumption in period 2?

Please round your final answer to two decimal places if necessary.

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