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Q257. (a) Explain the equations for common pool resource problems as discussed in Lecture 17.4: "Collective Action and Common Pool Resource Problems":

$x_j$ : amount consumed by person j

$X$ : total consumed

Amount available next period: $C_{T+1} = (C_T - X)^2$

(b) Propose values of these variables that would result in a steady state equilibrium value of the resource.