Problem 83E
Use the principle of mathematical induction to show that P(n) is true for n = b, b + 1, b + 2,…, where b is an integer, if P(b) is true and the conditional statement P(k) → P(k + 1) is true for all integers k with k ≥ b.
THINKING LIKE AN ECONOMIST ● economics = the study of how people make choices under conditions of scarcity and of the results of those choices on society ● scarcity makes trade offs necessary ● the scarcity principle = (no-free-lunch principle) although we have boundless needs and wants, the resources are limited ○ having more of one good thing means having less of another ● a trade-off involves compromise between competing interests ● cost-benefit principle = an individual should take action if and only if the extra benefits are at least as great as the extra costs ● rational person = someone with well-defined goals who tries to fulfill those goals as best they can ● the benefit of taking any action is the dollar value of ev
