--Installation 1st method (on the system's drive):
1. Open your Save Games folder:
    C:\Users\%username%\Saved Games\DCS (or DCS.openbeta)\Liveries
2. In "Liveries" folder, create folder named "F-16C_50" and place files from inside the archive there
--Installation 2st method (in the core game folder):
  \CoreMods\aircraft\F-16C\Liveries\F-16C_50

After every patch, 2nd method will require to relocate every custom livery from newly created "backup" folder back to the CoreMods. But will save drive space on a system's drive. Those custom liveries are typically heavy.

Personal Livery project from BATLUNETTE (gaming nickname)/ LUNEBAT (artist nickname)
Artist page: https://www.deviantart.com/lunebat