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Assignment:
Don't eat the Marshmallows-How Does That Apply to You and Your Future?
Class
This week one of the assignments is to watch this short video:
Don't Eat the Marshmallow Yet.
It is a funny video, and there is a lesson to be learned. Please take the time to watch it. It is funny I promise.
Then share with us how does the concept being taught applies to you? Were you the kid who ate the Marshmallow? Or were you the kid who waited? Why is it important to wait or to pause? What will the pause or wait allow you?
Show that if oil is produced from two reservoirs, one with high marginal cost and one with low marginal cost, it is not possible for the Hotelling rule to be satisfied for each reservoir simultaneously. Give two reasons that oil might be produced ..
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