HOMEWORK 1. What is the payback period (PP) criterion? Who is likely to use it? Why? 2. What are the shortcomings of the PP criterion? 3. What are the four decision criteria based on discounted net social benefits? 4. What are the decision (yeso) criteria for each of them? 5. What are the strengths and weaknesses of each of the criteria that use discounted net social benefits? 6. What is the usual practice followed by CBA researchers when reporting their results in terms on discounted NSBs? 7. Define "independent", "dependent" and "mutually exclusive" projects? 8. What NPV acceptance rules should you adopt in relation to decisions involving independent, dependent and mutually exclusive projects