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Business, 14.10.2021 01:00 jonesmykenzee

The cost of a particular pavement is given by:   b C T  aT , where C(T) is the cost per land-mile of paving, T is the thickness of paving applied (in inches), a is the cost of laying one inch of pavement over one line-mile, and b is an economies-of-scale parameter (b < 1 if there are economies of scale). The pavement deteriorates so that each 0.2-inch of paving extends roadway life for another year. If a = $500,000, b = 0.72, and the discount rate is 5%: 1) How thick should the pavement be laid

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