2. Groundwater needs to be allocated between two periods, lorowing that it will be totally used up in period two The marginal benefit from consuming water is ME = EDD EQ and is the same for both periods. The marginal extraction cost {MEG} = 2i] and is the same in both periods. The total available water supply is 1411} units, and the discount rate is zoos. a. What is the equation for net marginal benets {NMB} is year 1? b. If, in year one, NME = 11}, how much water would be purchased? it the quantity = 0, how much is the NEVER? if all 14G units of 1water are purchased, how much is WE? c. Graph this twoperiod extraction problem, remembering to \"discount\" the equation for NTVIB in year 2. Label your graph completely d. What is the optimal allocation of water between the two years? Show all of your work and label iese amounts on your graph. e. If the discount rate rises, what do you think will happen to your answers in part (d)? [you do not need to use achral numbers, but tall: about what happens when discount rates rise)