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Oct 20, 2023

Questions: Post a letter to your town or city government that seeks approval to present before them your idea for a local currency. In your letter, address the following prompts:

  • Describe the name of the local currency you are proposing and explain two benefits of using a local currency.
  • Describe the conversion bonus that you might offer to consumers encouraging conversion to your local currency. Then, explain the function c(x) =__ you wrote to model the conversion of cash to your local currency.
  • Explain the importance of making your local currency available electronically and explain the transaction fee that will be charged. Then, explain the function f(x) =__ you wrote to model the transaction fee and the function t(x) =__ you wrote to model the amount a merchant will be able to keep after the transaction fee is deducted.
  • Describe the fee that will be charged for converting the local currency back to cash. Then, explain the function p(x) =__ you wrote to model the amount an individual or merchant will receive in cash after converting the local currency to cash.
  • Describe the cost of accepting the local currency from a merchant`s point of view and explain the composite function p(t(x)) =__ you wrote to show a function that will model the amount a merchant will keep after converting the local currency into cash.
  • Write in the conclusion of your letter, one last appeal for adopting your proposed local currency.
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