6 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 4 units. Assume that the inverse demand for the resource ineach period is given by:P 12-0P2 = 12- Q2Moreover, assume that the resource's marginal extraction cost (MEC) is constant in both periods at $5 and that the social discount rate is 8% (i.e., re0.08).What is the efficient level of consumption in period 2?Piease round your final answer to two decimal places if necessary.Answer: 596Suppose that there is a nonrenevable resource that can be consumed today (period 1) or tomorrow (period 2) and that it has a fixed supply of 5 units. Assume that the inverse demand for the resource ineach period is given by:P; = 25- 50;P: = 25- 50;Moreover, assume that the resource's marginal extraction cost (MEC) is constant in both periods at 55 and that the social discount rate is 25% (.e., r=0.25).Assuming that the resource is etficiently allocated, what is the consumer surplus in period 1?When calculating intermediate values (.e., things like prices and quantities that are not your final answer, which is consumer surplus in this problem), please round them to two decimal places. And as always,please round your final answer to two decimal places as well. That is, you may round values besides your final answer in this problem while working towards finding your final answer.Answer. 2.67Suppose that there is a nonrenevable resource that can be consumed today (period 1) or tomorrow (period 2) and that it has a fixed supply of 2 units. Assume that the inverse demand for the resource ineach period is given by:P: = 25- 50P: = 25- 50:Moreover, assume that the resource's marginal extraction cost (MEC) is constant in both periods at S5 and that the social discount rate is 10% (1.e., r=0.10).Assuming that the resource is efficiently allocated, what is the consumer surplus in period 17When calculating intermediate values (Le, things like prices and quantities that are not your final answer, which is consumer surplus in this problem), please round them to two decimal places. And as always,please round your final answer to two decimal places as well. That is, you may round values besides your final answer in this problem while working towards finding your final answer.

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Suppose that there is a nonrenevable resource that can be consumed today (period 1) or tomorow (period 2) and that it has a fixed supply of 4 units. Assume that the inverse demand for the resource in each period is given by: P= 12-0 P: = 12-Q: Moreover, assume that the resource's marginal excraction cost (MEC) is constant in both periods at $5 and that the social discount rase is 8% (e, raO.08). What is the efficient level of consumption in period 2? Piease round your final answer to two decimal places if necessary. Answer. 5.96 Suppose that there is a nonrenevable resource that can be consumed today (period 1) or somorow (period 2) and that it has a foxed supply of 5 units. Assume that the inverse demand for the resource in each period is given by: P: = 25- 50 P: = 25- 50; Moreover, assume tha: the resource's marginal extraction cost (MEC is constant in both periods a: $5 and that the social discount race is 25% (.e, r=0 25). Assuming that the resource is efficiently allocated, what is the consumer surplus in period 1? When calculating intermediate values (le, things like prices and quansties that are not your final answer, which is consumer surplus in this problemi, please round them to two decimal places. And as alvay please round your final answer to two decimal places as well. That is, you may round values besides your final answer in this problem while woring towards finding your final answer. Answer. 2.67 Suppose that there is a nonrenevable resource that can be consumed today (period 1) or somorow (period 2) and that it has a foxed supply of 2 units. Assume that the inverse demand for the resource in each period is given by: P= 25-50 P: = 25- 50: Moreover, assume that the resource's marginal extraction cost (MEC) is constant in both periods at $5 and that the social discount rate is 10% e, r=0.10). Assuming that the resource is etficiently allocated, what is the consumer surplus in period 17 When calculating intermediate values (e, things like prices and quantities that are not your final answer, which is consumer surplus in this problemi, please round them to two decimal places. And as alvway please round your final answer to two decimal places as well. That is, you may round values besides your final answer in this problem while working towards finding your final answer.