Four Employees Must Be Assigned to Four Projects

question 2

Essay

Four employees must be assigned to four projects. Only one employee can be assigned to each project, and all projects must be completed. The cost of each employee completing each project is shown below. Determine which employee should be assigned to which project to minimize total project completion cost. Be sure to compute the total project completion cost.
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Definitions:

Normative Economics

An area of economics that analyzes outcomes based on value judgments about what is desirable or what ought to be, rather than what merely is.

Supply and Demand

Fundamental economic concepts that describe how the availability of products (supply) and the desire for them (demand) determine prices.

Scarce

Describes resources or goods that are limited in availability and cannot satisfy all the wants and needs of consumers.

Positive Economics

A branch of economics focused on the description and explanation of economic phenomena, as opposed to normative economics which prescribes policies.