A Professor Has Been Contacted by Four Not-For-Profit Agencies That

question 8

Essay

A professor has been contacted by four not-for-profit agencies that are willing to work with student consulting teams.The agencies need help with such things as budgeting,information systems,coordinating volunteers,and forecasting.Although each of the four student teams could work with any of the agencies,the professor feels that there is a difference in the amount of time it would take each group to solve each problem.The professor's estimate of the time,in days,is given in the table below.Use the computer solution to see which team works with which project.
ASSIGNMENT PROBLEM
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OBJECTIVE: MINIMIZATION
SUMMARY OF UNIT COST OR REVENUE DATA
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TASK
AGENT 1 2 3 4
---------- ----- ----- ----- -----
1 32 35 15 27
2 38 40 18 35
3 41 42 25 38
4 45 45 30 42
OPTIMAL ASSIGNMENTS COST/REVENUE
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ASSIGN AGENT 3 TO TASK 1 41
ASSIGN AGENT 4 TO TASK 2 45
ASSIGN AGENT 2 TO TASK 3 18
ASSIGN AGENT 1 TO TASK 4 27
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TOTAL COST/REVENUE 131

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Definitions:

Marginal Products

The additional output that is produced by employing one more unit of a variable factor of production, holding other inputs constant.

Separating Equilibrium

A situation in economics where different types of market participants can be distinguished based on their actions or decisions.

Pooling Equilibrium

A situation in game theory where different types of players choose the same strategy, making it impossible for observers to differentiate between them based on their actions.

Microeconomics

A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.