The student faces the tradeoffs

13 Jan The student faces the tradeoffs

  

Complete the following assignment:

A graduate student has four job offers, and needs to accept one. The following table lists the four jobs:

    

These   are on a scale of 0 – 10, larger number being better

 

Job 

Salary

Attractiveness of Job

Ease of Commuting

Quality of Life 

Children’s School

 

1

$48,000

8

4

7

6

 

2

$52,000 

7

2

7

6

 

3

$50,000

8

6

4

4

 

4

$51,000

6

2

5

5

1.    Are there dominated alternatives? If so, which ones?

2.    The student faces the following tradeoffs: 

• If the attractiveness of job goes      down from 8 to 7, the salary should increase by $5000 for indifference.
• If the ease of commuting goes down      from 6 to 4, the salary should increase by $1000 for indifference.
• If the quality of life goes down      from 7 to 4, the salary should increase by $5000 for indifference.
• If the children’s school goes down      from 6 to 4, the salary should increase by $3000 for indifference. 

Review all of the job offers that the graduate student has received, considering all of the trade offs listed above. Which choice is best choice in terms of salary for this student? Which choice is the worst choice in terms of salary? Please provide rationale and reasoning for your answers.