Exercises 1. This chapter considers only the competitive equilibrium. (a) For a general inverse demand function, p (y), and a general cost function, c (3:, y), write down the monopoly's optimization problem in the two- period setting. (b) Under the assumption that the monopoly exhausts the resource, and sells a positive amount in both periods, write down the equilibrium condition for the monopoly. (Hint: Review Chapter 2.4, especially the last subsection. (c) Interpret this equilibrium condition