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Nancy Lerner is trying to decide how to allocate her time in studying for her Economics course.There are two examinations in this course. Her overall score for the course will be the minimum of her scores on the two examinations.She has decided to devote a total of 1,200 minutes to studying for these two exams, and she wants to get as high an overall score as possible. She knows that on the first examination if she doesn't study at all, she will get a score of zero on it. For every 10 minutes that she spends studying for the first examination, she will increase her score by one point.If she doesn't study at all for the second examination she will get a zero on it. For every 20 minutes she spends studying for the second examination, she will increase her score by one point.

What is Nancy's utility maximizing scores for exam 1 and exam 2? What is her maximum utility? Find how much time she must spend on each exam to maximize her overal score?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9815428

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