A consulting firm needs to hire four data analysts and has identified a pool of qualified candidates, each with a different minimum acceptable salary (reservation wage). The table below lists the candidates and their respective reservation wages.
| Candidate | Reservation Wage |
|---|---|
| Alex | $60,000 |
| Ben | $62,000 |
| Chloe | $62,000 |
| David | $65,000 |
| Emily | $68,000 |
| Frank | $70,000 |
| Grace | $70,000 |
| Henry | $75,000 |
Assuming the firm must offer the same wage to all new hires, what is the minimum wage the firm must offer to successfully recruit a team of exactly four analysts from this pool?
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A consulting firm needs to hire four data analysts and has identified a pool of qualified candidates, each with a different minimum acceptable salary (reservation wage). The table below lists the candidates and their respective reservation wages.
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