### Decision-Making for University Selection Based on Academic Rank and CostA graduating senior has received acceptance letters from three universities for an M.S. in engineering. The student has identified two crucial criteria for making the final decision:1. **Academic Ranking:** The program and university's overall academic standing.2. **Cost:** The financial burden of attending the university.Initially, the student also considered location, but recognizing its lesser impact for a one-year program, decided to ignore it. All universities considered were deemed satisfactory in terms of location. The following assessments have been made for each university:- **University 1:** Rated a 5 for academic rank and a 10 for cost.- **University 2:** A large out-of-state public university rated an 8 for academic rank and a 6 for cost.- **University 3:** A prestigious private school rated a 10 academically and a 3 due to higher costs.#### Problem Analysis:(a) **Objective 1: Equal Weighting** - What is the total score for each university if academic rank and cost are considered with equal importance? (b) **Objective 2: Weighted Academic Rank** - If academic rank has a weight of 75%, what is the total score for each school?### Solution Explanation:#### (a) Equal Weighting Calculation:To determine the total score with equal weighting (50% for academic rank and 50% for cost), sum the academic rank and cost scores for each university and average them.- **University 1:** \[ \text{Total Score} = \frac{(5 + 10)}{2} = \frac{15}{2} = 7.5 \]- **University 2:** \[ \text{Total Score} = \frac{(8 + 6)}{2} = \frac{14}{2} = 7.0 \]- **University 3:** \[ \text{Total Score} = \frac{(10 + 3)}{2} = \frac{13}{2} = 6.5 \]#### (b) Weighted Academic Rank Calculation:Considering academic rank with a 75% weight, and cost with a 25% weight:- **University 1:** \[ \text{Total Score} = (5 \times 0.75) + (10 \times 0.

The Total score of the university can be calculated by: Total Score = Weight for Academic Rank ×…

A graduating senior has been accepted by three uni- versities for an M.S. in engincering. Two criteria have been identified. The first is the program and university's academic ranking. The second is the cost. A third criteria of location was initially consid- ered, but then the student recognized that it is only for about a year, and applications were only made to acceptable schools. The student is currently enrolled in the first university, which is rated as a 5 for aca- demic rank and a 10 for cost. The second is a larger out-of-state public university, which is rated as an 8 for academic rank and a 6 for cost. The third is a prestigious private school, which is rated as a 10 academically and a 3 for its higher cost. (a) What is the total score for each school if the two objectives have the same weight? (b) If academic rank is has a weight of 75%, what is the total score for each school?

A graduating senior has been accepted by three uni- versities for an M.S. in engincering. Two criteria have been identified. The first is the program and university's academic ranking. The second is the cost. A third criteria of location was initially consid- ered, but then the student recognized that it is only for about a year, and applications were only made to acceptable schools. The student is currently enrolled in the first university, which is rated as a 5 for aca- demic rank and a 10 for cost. The second is a larger out-of-state public university, which is rated as an 8 for academic rank and a 6 for cost. The third is a prestigious private school, which is rated as a 10 academically and a 3 for its higher cost. (a) What is the total score for each school if the two objectives have the same weight? (b) If academic rank is has a weight of 75%, what is the total score for each school?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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