The three economic criteria for choosing the best alternative are minimize input, maximize output, and maximize the difference between output and input. A recently graduated engineer has decided to return to school in the evenings to obtain a master's degree. He feels it should be accomplished in a manner that wil allow him the maximum amount of time for his regular day job plus time for recreation. In working for the degree, he will;
The three economic criteria for choosing the best alternative are minimize input, maximize output, and maximize the difference between output and input. A recently graduated engineer has decided to return to school in the evenings to obtain a master's degree. He feels it should be accomplished in a manner that wil allow him the maximum amount of time for his regular day job plus time for recreation. In working for the degree, he will;
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The three economic criteria for choosing the best alternative are minimize input,
maximize output, and maximize the difference between output and input.
A recently graduated engineer has decided to return to school in the evenings to
obtain a master's degree. He feels it should be accomplished in a manner that will
allow him the maximum amount of time for his regular day job plus time for
recreation. In working for the degree, he will;
Select one:
a. maximize profit (output - input)
O b. minimize input
O c. maximize output
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