As a student, you have 80 hours a week to allocate between study and work. You...

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As a student, you have 80 hours a week to allocate between study and work. You plan on devoting Hm to the study of quantitative methods, Ho to the study of other subjects and Hw to work. You know, based on your capabilities, that you need to devote: 1. At least 6 hours per week to the study of quantitative methods. 2. At least 18 hours per week to the study of other subjects. 3. Must earn at least $200 per week to cover your expenses. The (present value) of returns from studying are given by: R(Hm, H₂) = 10H0.65 H0.6 Required 1. Formulate this problem and then translate this formulation into Excel. Be sure to explain your formulation and its limitations. 2. Assuming that you take on a part-time job in lowa, you will earn the minimum wage of $7.25. How would you allocate your time between study (of quantitative methods and other subjects) and work? Be sure to explain and interpret your results. 3. If you take a part-time job in Illinois, you will earn a minimum wage of $13.00. You will have to commute across the river three times a week at a time per commute of % hour (15 miles). Given gas and wear and tear on your vehicle, you will cost this at $0.50 per mile. Are you better off working in Illinois or lowa? Be sure to justify you answer by calculation and explanation. As a student, you have 80 hours a week to allocate between study and work. You plan on devoting Hm to the study of quantitative methods, Ho to the study of other subjects and Hw to work. You know, based on your capabilities, that you need to devote: 1. At least 6 hours per week to the study of quantitative methods. 2. At least 18 hours per week to the study of other subjects. 3. Must earn at least $200 per week to cover your expenses. The (present value) of returns from studying are given by: R(Hm, H₂) = 10H0.65 H0.6 Required 1. Formulate this problem and then translate this formulation into Excel. Be sure to explain your formulation and its limitations. 2. Assuming that you take on a part-time job in lowa, you will earn the minimum wage of $7.25. How would you allocate your time between study (of quantitative methods and other subjects) and work? Be sure to explain and interpret your results. 3. If you take a part-time job in Illinois, you will earn a minimum wage of $13.00. You will have to commute across the river three times a week at a time per commute of % hour (15 miles). Given gas and wear and tear on your vehicle, you will cost this at $0.50 per mile. Are you better off working in Illinois or lowa? Be sure to justify you answer by calculation and explanation.

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To formulate and solve this problem we can use mathematical optimization techniques Lets define the variables Hm Hours allocated to the study of quant... View the full answer