Chapter 13, Problem 47RE

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11th Edition

Ronald J. Harshbarger + 1 other

ISBN: 9781305108042

Textbook Problem

*Income streams* Suppose that a machine’s production is considered a continuous income stream with an annual rate of flow at time *t* given by

(a) Find the present value of the machines production over the next 5 years.

(b) Find the future value of the production 5 years from now.

*Consumer’s and producer’s surplus* The demand function for a product under pure competition is
*x* is the number of units and p is in dollars. Use these functions in Problems 47 and 48.

**(a)**

To determine

**To calculate:** The present value of the machine’s production over the next

Explanation

**Given Information:**

The machine’s production is considered as continuous income stream of an annual rate of flow at time

**Formula used:**

For continuous stream, the present value

The exponential rule of integral is

**Calculation:**

Consider the function,

Initially the value of time

The rate of interest is

The present value is,

**(b)**

To determine

**To calculate:** The future value of the production

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