The President of a Consulting Firm Wants to Minimize the Total

question 8

Multiple Choice

The president of a consulting firm wants to minimize the total number of hours it will take to complete four projects for a new client. Accordingly, she has estimated the time it should take for each of her top consultants-Charlie, Betty, Johnny, and Rick-to complete any of the four projects, as follows: $$\begin{array} { c } \quad \quad \quad \quad \quad { \text { Project (Hours) } } \\\begin{array} { l c c c c } \text { Consultant } & \text { A } & \text { B } & \text { C } & \text { D } \\\hline \text { Charlie } & 13 & 16 & 11 & 13 \\\text { Betty } & 11 & 15 & 14 & 18 \\\text { Johnny } & 15 & 22 & 12 & 15 \\\text { Rick } & 17 & 17 & 12 & 22\end{array}\end{array}$$ What is the optimal assignment of consultants to projects?

• A) Charlie to A; Betty to B; Johnny to C; Rick to D
• B) Charlie to D; Betty to C; Johnny to B; Rick to A
• C) Charlie to C; Betty to A; Johnny to D; Rick to B
• D) Charlie to D; Betty to B; Johnny to C; Rick to A
• E) Charlie to D; Betty to A; Johnny to C; Rick to B

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Definitions:

Property Rights

Legal rights to possess, use, and dispose of assets including real property and intellectual property.

Inward-Oriented Policies

Economic policies aimed at strengthening domestic industries and protecting them from foreign competition by imposing tariffs, quotas, and other trade barriers.

Production Function

A mathematical equation that describes the relationship between the inputs used in production and the output of goods or services.

Price System

An economic system wherein the allocation of goods and services, as well as their prices, are primarily determined by supply and demand in a free market.