Question 5. Consider the following 3 criteria for undertaking an investment project: (i) PVr(B)>K,r is the social rate of discount (ii) PV(B)>K, is the private rate of discount or market interest rate (iii) PVp1(B)>K, where p1=1nwiri+n+1swjrj and 1nwi+n+1swj=1 and PV(B) is the net benefit of a stream of benefits B0,,BT and K is the initial outlay a. What real world feature makes (iii) a better criterion than (i) or (ii)? b. If there is no consumption which criterion would you use ? c. What are the potential problems with all three criteria