Assume the role of a college student looking for a job. To rate each job, you...
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Assume the role of a college student looking for a job. To rate each job, you use 5 characteristics: location, pay, independence, culture, and impact. Pay is measured in thousands of dollars; the other characteristics are measured from 0 to 100. To make things easier, use a utility function in which these are perfect substitutes: U= a + b$ + dl + eC + fl. Where the capital letters stand for the ranking given to each characteristic, and the lowercase letters are the importance you assign to each characteristic. a. Design a utility function that represents your preferences. The preference letters should add up to 10: a+b+e+d+f=10 b. Find 5 jobs that interest you and describe the characteristics of each job using the capital letters. For example: Janitor (L= 100, $25 (average pay around 25,000), I = 100, C= 50, 1 = 10) c. Calculate your utility for each job. Assume the role of a college student looking for a job. To rate each job, you use 5 characteristics: location, pay, independence, culture, and impact. Pay is measured in thousands of dollars; the other characteristics are measured from 0 to 100. To make things easier, use a utility function in which these are perfect substitutes: U= a + b$ + dl + eC + fl. Where the capital letters stand for the ranking given to each characteristic, and the lowercase letters are the importance you assign to each characteristic. a. Design a utility function that represents your preferences. The preference letters should add up to 10: a+b+e+d+f=10 b. Find 5 jobs that interest you and describe the characteristics of each job using the capital letters. For example: Janitor (L= 100, $25 (average pay around 25,000), I = 100, C= 50, 1 = 10) c. Calculate your utility for each job.
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a To design a utility function that represents your preferences we need to assign weights to each ch... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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