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• Allocate resource between two time periods t=1,2
• The fixed supply of the resource is 10 barrels
• Demand is same in both periods and given by P_t= 15 - q_t
• Marginal cost of extracting the resource is the same in both periods and is given by MC_t=$3
• The discount rate is 7%

1. What is the dynamically efficient allocation of this resource in period 1? Please enter this number rounded to thehundredths place inthe 1st box below.