Please answer and explain these questions!

3. One shot cost (25 pts) Doug can write his report on Friday, Saturday, or Sunday. The payoff from completing the report on Friday is -6, on Saturday it is -8, and on Sunday it is -10. Let 6 = = (a) When will Doug complete the report if he is time consistent? (b) When will Doug complete the report if 8 = = and he is naive about his bias? (c) On Thursday, Doug is given the option of paying p to be forced to complete the report on Friday. How much would Doug (time inconsistent, naive) be willing to pay for this service? (d) When will Doug complete the report if B = = and he is sophisticated about his bias? (e) On Thursday, Doug is given the option of paying p to be forced to complete the report on Friday. How much would Doug (time inconsistent, sophisticated) be willing to pay for this service? 4. Application (10 pts) Use the (8, 6) model to explain why time inconsistent individ- uals might over-spend with their credit card