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

(Still in the two-period setting.) Given an inverse demand function p(y), an extraction cost function c(x, y), a discount factor p, and an initial stock x0. (i) Write down the definition of rent in the resource setting, for the competitive firm. (ii) Write down the equilibrium condition for the competitive firm using the definition of rent. (iii) Using this optimality condition explain why period 0 rent depends on whether extraction costs depend on the stock of resource.

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