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) What is the definition of rent in the renewable resource problem for the competitive firm? (ii) Use this definition to rewrite the Euler equation for the problem described in the previous question. (iii) Write down the relation between rent in period t and in period t+j ( j geq 1), and interpret this equation. In particular explain the difference between the case where extraction costs depend on the stock and where extraction cost does not depend on the stock.

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