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1、ChoicesInvolvingTime10LearningObjectivesAfterreadingthischapter,studentsshouldbeableto:}Explainhowconsumersandfirmsmovecashfromonepointintimetoanotherbyborrowingandlending.}Calculatethepresentdiscountedvalueofaclaimonfutureresources.}Understandconsumers’decisionsregardingsa
2、vingandborrowing.}Analyzetheprofitabilityofinvestmentprojectswithfuturecashflows.}Explainhowsaving,borrowing,andinvestmentdependontheinterestrate.nthe1990s,VolkswagenexecutivessettheirsightsIonthemarketforluxuryautomobiles.Theycon-ceivedbothanewcarthePhaetonandastate-of-the-
3、artproductionfacilityinDresden,Germany.Eagertoimpresswell-heeledcustomers,theylocatedthenewplantalongthebanksofthehistoricElbeRiver,onmorethan20acresofmanicuredparkland.Withwallsofglassroughly290,000squarefeetinallandfloorsofpolishedCanadianmaple,itwaseasilymistakenforanart
4、gallery.Infact,aftertheDresdenOperaHouseflooded,17performancesoftheoperaCarmenwereheldinthefactoryssumptuousvisitorscenter.LikeRome,thePhaetonplantwasntbuiltinaInterior(above)andexterior(below)ofVolkswagensPhaetonproductionplantday.ThefirstPhaetondidnthitthestreetsofEuropein
5、Dresden,Germany325ber00279_c10_324-364.indd325CONFIRMINGPAGES10/16/073:02:58PM326PartIIEconomicDecisionMakinguntil2002.Volkswagensankmorethan$200millionintotheprojectyearsbeforetheplantbegangeneratingrevenue.Designing,producing,andsellingproducts,betheyVolkswagenPhaetonsor
6、gardenbenches,alwaysrequirestime.Companiesofteninvestsubstantialsumsofmoneylongbeforetheyreceiveanyrevenue,particularlywhen,asinthecaseofthePhaeton,newdesignsandproductionfacilitiesareneeded.Howshouldcompaniesevaluateinvestmentswhenproductionisntinstantaneous?Howdotheyobta
7、inthenecessarycashtocovertheirup-frontexpenses?Whyarelendersandinvestorswillingtopartwiththeircash,forgoingconsumptiongoodstodayinexchangeforsomefuturebenefit?Inthischapter,weprovidesomeanswerstotheseandotherquestionsconcerningeconomicdecisionsinvolvingtime.Weorganizeourdis
8、cussionaroundthreetopics:1.Transactionsinvolvingtime.Bylendingandborrowing,peoplecanmover
