Please provide detailed solution, with step by step. Preferentially done on a pa

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Please provide detailed solution, with step by step. Preferentially done on a paper and scanned

(i) For the two period model with inverse demand function p = 20 - y, discount factor p and constant extraction costs c, find the critical level of the initial stock, x^c ( a formula, not a number!) such that a competitive equilibrium exhausts the resource if and only if the initial stock, x, satisfies x = x^c, what is the equilibrium price in the two periods? (Explain in no more than a couple of sentences.) (c) How, if at all depends on p? (Explain briefly.)

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