The question is:
Translate the following into logical notation:
Nobody is despised who can manage a crocodile.
Given that:
- $D(x)$ = "$x$ is despised"
- $M(x)$ = "$x$ can manage a crocodile"
It states the answer as being $\forall x (M(x) \rightarrow \neg D(x))$. But would it also be acceptable to say:
$\neg \exists x (D(x) \land M(x))$


Yes. They are equivalent.
$\forall x (M(x) \rightarrow \neg D(x)) \\ \quad \Leftrightarrow \neg\exists x \neg(M(x) \rightarrow \neg D(x)) \\ \quad \Leftrightarrow \neg\exists x (M(x) \land \neg\neg D(x))\\ \quad \Leftrightarrow \neg\exists x (M(x) \land D(x))\\ \quad \Leftrightarrow \neg\exists x (D(x) \land M(x))$
The first equivalence comes from the familiar relation between the two quantifiers; the other equivalences should all look compelling given what you know about about e.g. the equivalence of $\neg(A \to B)$ and $(A \land \neg B)$.
(Careful: what I've just said is supposed to be motivational, give you a sense of why the equivalences hold. A proof in e.g. a natural deduction system will be more complicated since you can't apply connective rules directly to the innards of a wff inside the scope of a quantifier!)