In: Economics
Steve is studying for the essay and share the time between reading the main text book and solving problems. The returns of Steve’s work in terms of essay credits (C) is given by the function: C=12R0.25S0.25-0.3T where R is hours spent reading the book and S is hours spent solving problems. T is the total time studying time, that is T=R+S
a. How many hours of work does Steve have to do in total if Steve wants to minimize the total hours working, in order to pass the essay? 200
b. How many hours of work does Steve have to do in total, in order to be given a high pass grade (90 course credits) on the essay if Steve wants to minimize the hours of studying?