A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 one year ago
You are organizing a group of people to visit a state park for a day trip.
You have to rent cars and hire drivers for the transportation. If you rent C cars, and hire
D drivers, your utility function is U=min(C, D), because you have to find one driver for
one car. Suppose car rental price is $50 per day, and driver’s salary is $100 per day.
Your budget is $1200. Draw the indifference curves and budget constraint. How many
cars should you rent and how many drivers do you hire to maximize your utility?
anonymous
 one year ago
You are organizing a group of people to visit a state park for a day trip. You have to rent cars and hire drivers for the transportation. If you rent C cars, and hire D drivers, your utility function is U=min(C, D), because you have to find one driver for one car. Suppose car rental price is $50 per day, and driver’s salary is $100 per day. Your budget is $1200. Draw the indifference curves and budget constraint. How many cars should you rent and how many drivers do you hire to maximize your utility?

This Question is Open
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.