I. Suppose that the total stock, So, of a nonrenewable resource is 15 units, the demand equation in each year is Q, = 10 - Pt, the per unit extraction cost is C = 0, and i = 10%. A. If the resource will only be useful in the current year and not thereafter, what is the efficient price and quantity? What would the price and quantity be if the industry was perfectly competitive? What would the price and quantity be if the industry was a monopoly? B. If the resource will be useful both this year and next year but not thereafter, is the resource scarce? What is the efficient price and quantity in each year? What is the marginal net benefit (or scarcity rent) in each year? What would the price and quantity be in each year if the industry was a monopoly? C. Suppose that all the assumptions are the same as in part B except that the demand equation in each year is Qt = 5 - .5Pt. What is the efficient price and quantity in each year? What is the scarcity rent in each year