1A. (Liu) An American university has enough places for 9000 students. Government restrictions mean that at least 75% of the places must be given to US students but the remainder may be given to non-US citizens. There are 5000 residential places available on campus. All overseas students and at least one-quarter of the US students must be given places on campus. The university get $12000 in tuition fees for each US student and $15000 for each overseas student. It wants to maximize the fees received. Using the letter x for the number of places given to US students and y for the number of places for overseas students, (1) write down an expression for the objective function and state whether it is to be maximized or minimized; (2) write down the constraints that define the feasible region and explain your reasoning carefully; (3) identify which aspect of the original problem has been overlooked in parts (a) and (b);

1A. (Liu) An American university has enough places for 9000 students. Government restrictions mean that at least 75% of the places must be given to US students but the remainder may be given to non-US citizens. There are 5000 residential places available on campus. All overseas students and at least one-quarter of the US students must be given places on campus. The university get $12000 in tuition fees for each US student and $15000 for each overseas student. It wants to maximize the fees received. Using the letter x for the number of places given to US students and y for the number of places for overseas students, (1) write down an expression for the objective function and state whether it is to be maximized or minimized; (2) write down the constraints that define the feasible region and explain your reasoning carefully; (3) identify which aspect of the original problem has been overlooked in parts (a) and (b);

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter18: Public Economy

Section: Chapter Questions

Problem 19CTQ: Special interests do not oppose regulations in all cases. The Marketplace Fairness Act of 2013 would...

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