<span>Answer:
R = Pe^(kt) where R = revenue, P is present value, k is interest rate and t is time in years.
(60 000 + 45 000+ 75 000)/2 = Pe^(.07*1)
90 000 = Pe^.07
P = 90 000/e^.07 = $83915.44
(60 000 + 45 000+ 75 000)/2 + 75 000(t-1) = 150 000 e^(kt)
90 000 + 75 000t - 75 000 = 150 000e^(.07t)
15 000 + 75 000t = 150 000e^(.07t)
1/10 + 1/2t = e^(.07t)
ln(.1 + .5t) = .07t
ln(.1+.5t)/t = .07
t = 2.12 years</span>
Answer:
Rational behaviour of the participants of the political process.
Explanation:
Public choice theory is the theory used in economic as well as political domain as a process of decision-making. It administers the use of economics-related knowledge in the field of politics and thus, focuses on solving various political problems with the help of economic tools. While making decision-related to political issues according to the public choice theory, it is important to have adequate economics and political knowledge, and the decision should not be based on any rational behavior.
<span>Arguments from precedent and analogy are two central forms of reasoning found in many legal systems, especially ‘Common Law’ systems such as those in England and the United States. Precedent involves an earlier decision being followed in a later case because both cases are the same. Analogy involves an earlier decision being followed in a later case because the later case is similar to the earlier one. The main philosophical problems raised by precedent and analogy are these: (1) when are two cases the ‘same’ for the purposes of precedent? (2) when are two cases ‘similar’ for the purposes of analogy? and (3) in both situations, why should the decision in the earlier case affect the decision in the later case?</span>
