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3. You observe Dr Q, a well traveled lecturer in economics, in a economy without government (no tax considerations) who chooses to receiving an income
3. You observe Dr Q, a well traveled lecturer in economics, in a economy without government (no tax considerations) who chooses to receiving an income stream of $95 K for per year for 5 years rather than receive a lump sum payment $500 K today. What is Dr Q's time preference? Provide table of calculations used to determine Dr Q's time preference? If Dr Q changed his choice to receive the lump sum payment, what happened to his time preference? What could explain this preference change?
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