2. Suppose you are selling an asset and i.i.d. offers Y, Y2, ... arrive at time t = 1, 2, .... These offers are non-negative. At each time we can either accept the last offer, the last by one offer, or wait. Earlier offers expire and cannot be accepted. Waiting for one period costs c. (a) Identify the state space and the control space. Develop dynamic programming equations. (b) (Bonus) Solve the problem numerically for Y uniform in (0,1), and for c = 0.25. 2. Suppose you are selling an asset and i.i.d. offers Y, Y2, ... arrive at time t = 1, 2, .... These offers are non-negative. At each time we can either accept the last offer, the last by one offer, or wait. Earlier offers expire and cannot be accepted. Waiting for one period costs c. (a) Identify the state space and the control space. Develop dynamic programming equations. (b) (Bonus) Solve the problem numerically for Y uniform in (0,1), and for c = 0.25