Question
In: Economics
Regarding the “optimal length of time” for the production process to go for ….. What can...
Regarding the “optimal length of time” for the production process to go for ….. What can you tell me about the optimal length of time associated with: (1) the case when you take into account for time WITH time preferences BUT without risk and uncertainty considerations, and (2) the case when you take into account for time WITH time preferences AND with risk and uncertainty considerations. Which optimal length of time FOR (1) OR (2) is longer/shorter? Briefly EXPLAIN WHY IS THIS SO!
Solutions
Expert Solution
In 1st case -
When you take into account for time WITH time preferences BUT without risk and uncertainty considerations , the "optimal lenght of time " for production process will be shorter because we are not taking decisions in production process regarding risk management in future .So , a lot of time saves because we are not taking decisions for risk management in future. So the optimal lenght of time will be shorter.
In 2nd case -
when you take into account for time WITH time preferences AND with risk and uncertainty considerations , " the optimal lenght of time " for production process will be longer because we are also taking decisions regarding risk management in future like how to overcome with risk if it comes etc. It will consume a lot of time. Due to which the optimal lenght of time will be longer .
Rahul Sunny answered 2 years agoRelated Solutions
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