Twelve thousand dollars are to be applied to a student's educational expenses in the following way:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Twelve thousand dollars are to be applied to a student's educational expenses in the following way: Between $2,000 and $4,000 for books Between $3,000 and $6,000 for tution Between $2,000 and $3,000 for ttors Between $1,000 and $4,000 for computer equipment The allocation is to be made in whole thousands of dollars for each category. His family has quantified the anticipated payoffs in terms of increased future annual earnings as follows: Book Book tution 2k 3k Invested Return Invested Return Invested Return Invested 4k 5k 10k 11k 3k 4k 5k tution ttors 6k 8k 11k 14k 17k 2k ttors 3k 4k Computer Computer Equipement Equipement 6k 1k 2k 3k 4k Return 4k 6k 10k 13k Formulate with BACKWARD DYNAMIC PROGRAMMING model to determine the optimal allocation of the $12,000. Twelve thousand dollars are to be applied to a student's educational expenses in the following way: Between $2,000 and $4,000 for books Between $3,000 and $6,000 for tution Between $2,000 and $3,000 for ttors Between $1,000 and $4,000 for computer equipment The allocation is to be made in whole thousands of dollars for each category. His family has quantified the anticipated payoffs in terms of increased future annual earnings as follows: Book Book tution 2k 3k Invested Return Invested Return Invested Return Invested 4k 5k 10k 11k 3k 4k 5k tution ttors 6k 8k 11k 14k 17k 2k ttors 3k 4k Computer Computer Equipement Equipement 6k 1k 2k 3k 4k Return 4k 6k 10k 13k Formulate with BACKWARD DYNAMIC PROGRAMMING model to determine the optimal allocation of the $12,000.
Expert Answer:
Answer rating: 100% (QA)
Let x1 x2 x3 and x4 denote the amount invested in books tuition tutors and computer equipment respec... View the full answer
Related Book For
Managerial Economics Theory Applications and Cases
ISBN: 978-0393912777
8th edition
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
Posted Date:
Students also viewed these finance questions
-
Suppose that k treatments are to be applied within each of b blocks. Let .. denote the average of the bk ranks and let .j = (1/b)r.j. Show that the Friedman statistic given in Theorem 14.5.1 can also...
-
Three different fertilizers are to be applied to five bushes each for three varieties of flower plants: gardenia (G), rose (R), and jasmine (J). Create a randomized complete block design. Choose as...
-
List audit procedures likely to be applied on a sample basis.
-
Sam's Furniture uses variance analysis to evaluate manufacturing overhead in its' factory. The information for the June overhead expenditures is as follows: Budgeted output units 22,000...
-
An engineer has proposed mixing extra oxygen with normal air in internal combustion engines to control some of the exhaust products. If an additional 5 percent (by volume) of oxygen is mixed with...
-
Consider a weak acid HX. If a 0.10 M solution of HX has a pH of 5.83 at 25C, what is DG for the acids dissociation reaction at 25 C?
-
An axial fan operating at \(1000 \mathrm{rpm}\) has the characteristics shown in Fig. P12.42. It delivers \(15{ }^{\circ} \mathrm{C}\) atmospheric air through a 50-cm I.D., galvanized, sheet-metal,...
-
In period 1, Mr. Consistency and Mr. Hyperbola are each trying to come up with a plan for how much they will exercise in period 2. Exercise is less enjoyable than other leisure activities, leading to...
-
Draw the free-body diagram of the entire assembly and Calculate the reactions at the two supports. Also Calculate the average normal and shear stresses acting at a horizontal section (indicated in...
-
The average owning and operating costs for four types of vehicles in the United States in 2016 include small sedans ($6579), medium sedans ($8604), SUVs ($10,255), and minivans ($9262). Use a Pareto...
-
When will a firm's degree of operating leverage be at its highest level? Select one: a. When sales is equal to zero b. When earnings per share is equal to one c. When fixed costs are equal to...
-
As the ratio of the cost of overstocking to the cost of understocking gets smaller, the optimal level of product availability becomes irrelevant. the optimal level of product availability decreases....
-
What would be the result of the previous problem, if simple interest were used? Previous problem What is the future value eight years from now, of $2,000 invested today at a periodic interest rate of...
-
Use a supply-and-demand graph to show the impact of cell phones in India on prices in the fishing market.
-
Bazar Company produces one product, a lighter called LIT-lighter. Bazar uses a standard cost system and determines that it should take one hour of direct labor to produce one LIT-lighter. The normal...
-
What is not included in Section 1231 property? Section 1231 Section 1231 property is a type of property, defined by section 1231 of the U.S. Internal Revenue Code. Section 1231 property is real or...
-
Bakesale Enterprises purchased equipment on May 1 , 2 0 1 5 for $ 6 , 3 0 0 . The company expects to use the equipment for 5 years. It has no salvage value. ( annual depreciation is $ 1 , 2 6 0 )...
-
A supermarket chain is interested in exploring the relationship between the sales of its store-brand canned vegetables (y), the amount spent on promotion of the vegetables in local newspapers (x1)...
-
In 1985 United Airlines purchased Pan Am's Pacific Division for $750 million. The Department of Justice opposed the purchase, but it was approved by the U.S. Department of Transportation. The...
-
The Schmidt Corporation estimates that its demand function is Q = 400 - 3P + 4I + 0.6A where Q is the quantity demanded per month, P is the product's price (in dollars), I is per capita disposable...
-
The market for sports performance drinks experienced a big shift in 2012 as sales of low- calorie sports drinks grew by over 25%. Many attributed this shift to greater use by women who wanted a...
-
Suppose a bond is taxable for both federal and state purposes. Let Rb = the BTROR on the bond, tfed = the federal tax rate, and tst = the state tax rate. Determine the ATROR (i.e., after federal and...
-
Under what conditions are the Exempt Model and Pension Model equivalent? Under what conditions would one model perform better than the other? How does the \($6,500\) limitation on deductible and Roth...
-
Consider three taxpayers who are in the following tax brackets: Alice 25% Brad 35% Camille 40%
Study smarter with the SolutionInn App