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 competitive firm's objective (= payoff) and constraints for the two-period problem. (ii) [Under the assumption that the stock constraint is binding, write down (don't derive) the equilibrium condition for thin firm. (iii) Explain briefly how to use the perturbation method to find this equilibrium condition. (Make a list of steps which someone who knows how to take a derivative can follow. (iv) Explain, very briefly, what the condition means.

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