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A B D E F G . 1 Period t 0 1 2 3 4 5 5 6 2 lt 32 16 8 4 2

A B D E F G . 1 Period t 0 1 2 3 4 5 5 6 2 lt 32 16 8 4 2 1 0.5 3 St 63 47 39 35 33 32 31.5 4 Pt 24 18 10 6 4 2 1 5 MarginalRent 1 2 4 8 16 32 64 6 ProdSurplus 7 DiscountPS NPV of PSN 8 XXXXX XXXXXXXXXXXXXXXX xxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxx 9 10 11 12 13 14 15 16 17 18 Period t 0 1 2 4 5 6 8 8 8 8 8 8 8 20 S. 63 55 47 39 31 23 15 21 Pt 22 Marginal Rent 23 ProdSurplus NPV of PSN 24 DiscountPS 25 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 26 27 28 29 30 co w 19 Vt A B D E F G . 1 Period t 0 1 2 3 4 5 5 6 2 lt 32 16 8 4 2 1 0.5 3 St 63 47 39 35 33 32 31.5 4 Pt 24 18 10 6 4 2 1 5 MarginalRent 1 2 4 8 16 32 64 6 ProdSurplus 7 DiscountPS NPV of PSN 8 XXXXX XXXXXXXXXXXXXXXX xxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxxx xxxxxxxxx 9 10 11 12 13 14 15 16 17 18 Period t 0 1 2 4 5 6 8 8 8 8 8 8 8 20 S. 63 55 47 39 31 23 15 21 Pt 22 Marginal Rent 23 ProdSurplus NPV of PSN 24 DiscountPS 25 XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX XXXXXXXXXX 26 27 28 29 30 co w 19 Vt

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