1. Expenses for Joey's college attendance next year are as follows (in $): Tuition = 8400 Dormitory = 5400 Meals -Unif(900,1350) Entertainment-Unif(600,1200) Transportation -Unif(200,600) Books-Unif(400,800) Here are the income streams the student has for next year: Scholarship =3000 Parents=4000 Waiting Tables ~Unif(3000,5000) Library Job -Unif(2000,3000) Use Monte Carlo simulation to estimate the expected value of the loan that will be needed to enable Joey to go to college next year.

1. Expenses for Joey's college attendance next year are as follows (in $): Tuition = 8400 Dormitory = 5400 Meals -Unif(900,1350) Entertainment-Unif(600,1200) Transportation -Unif(200,600) Books-Unif(400,800) Here are the income streams the student has for next year: Scholarship =3000 Parents=4000 Waiting Tables ~Unif(3000,5000) Library Job -Unif(2000,3000) Use Monte Carlo simulation to estimate the expected value of the loan that will be needed to enable Joey to go to college next year.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter3: Benefits, Costs, And Decisions

Section: Chapter Questions

Problem 3.6IP: Dropping University Courses Students doing poorly in courses often consider dropping the courses....

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Sharmila has no other source of income except for her job at a cozy restaurant in a well-known university that pays Rp.5/hour. Since she is such a good worker, her boss lets her choose how many hours she wants to work each week as long as it is between one and 20 hours. (a) Graph Sharmila’s weekly budget constraint. (b) How many hours must Sharmila work to cover her weekly rent and food expenses which total Rp.75/week? (c) If Sharmila get a raise to Rp.7.5/hour but chooses to still work only enough to cover her rent and food expenses, now how many hours must she work?
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