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A forestry firm has hired you, an economist, to consult on the optimal harvest age for a stand of trees. The forester has secure private property rights to the stand (i.e. rights are enforceable, exclusive, and transferable), and he plans to harvest only once (i.e. this is a single harvest scenario). (30 marks) a) The forester is trying to decide whether to harvest the trees in 30 or 50 years. You are provided with the following information regarding harvesting at each of these ages: Calculate the present value of net benefits for each harvest age, and state which harvest age you would recommend. (18 marks) b) If the initial planting cost decreases from $1000 to $700, does it affect your recommendation in part a)? Please explain (4 marks) c) In general, what do you expect will happen to the optimal harvest age if the discount rate decreases? If it increases? Please explain. (8 marks)