Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 16, Problem 9P
To determine
the difference between the incentives and feedback for government bureaus and the profit making firms.
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Q34
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);
(4) graph the feasible region.
7
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