The following table lists the name, gender, height, and reservation wage of 10 p
ID: 1201676 • Letter: T
Question
The following table lists the name, gender, height, and reservation wage of 10 people who are willing to work as personal assistants at a prestigious law firm. The lowest wage that the law firm can pay to hire five personal assistants is per week. Suppose the head of the law firm has a preference for tall employees because he thinks it will increase revenue, and thus, he imposes the restriction that all personal assistants hired must be at least 67 inches in height. Under this new regulation, the wage rate the law firm must pay to attract five personal assistants rises by per week.Explanation / Answer
Ans.
The lowest wage that the law firm can pay to hire five personal assistants is ($302 + $328 + $349 + $370 + $382) = $1731 per week.
Under new regulation, the wage rate the law firm must pay to attract five personal assistants rises by $ 379 = (($370 + $426 + $489 + $382 + $443 = $2110) - $1731) per week.
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