Critical Thinking Questions on Decision-Making

Homework Problems
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Homework Problems
Question 6: Scenario A
From a personal perspective, I would also choose what most individuals choose, which is to receive the money in one month rather than receiving it within two months. For this reason, the time value of money informs people that the money one has in the current day is worth much more than the money in the future.
As a result, the reasoning is due to the earning potential that the money usually has (Teall 2018). Hence, any value of money is technically worth more the sooner one receives it. Without a doubt, therefore, I would choose to take or accept the cash sooner in one month than in two months, primarily based on the time value of money.
Question 6: Scenario B
For scenario B, most people prefer to be given an excellent meal at a nice restaurant within one month instead of two months (Teall 2018). Indeed, I would also go with the majority and choose one month of excellent meals rather than the latter. In this case, the reasoning is solely based on rational decision-making, which would be pushing me to choose the more immediate gratification rather than having to wait longer or an additional month.
In this case, some inconsistencies arise here: there is no guarantee that the individual giving the meal or I would be alive in an additional month or whether I would be perfectly healthy or well in two months. Rather than risking the excellent meal occurring in two months, I would ...