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Chapter 2: Q. 2.19 (page 47)

Suppose that in Fig 2-1, a student currently is allocating her study time in such a way that she is earning a C in mathematics and a C in economics. What is the opportunity cost, measured in terms of the resulting grade change, if this student wishes to reallocate her study time in order to raise her mathematics grade by one letter, from a C to a B?

Short Answer

Expert verified

Opportunity cost is a change of grade in economics from C to D.

Step by step solution

01

Step1. Given information

Student is allocating her study time in a way that she is able to score a C in mathematics and a C in Economics too.

02

Step2. Explanation

If the person wishes to relocate the time for improving grades in mathematics from C to B, as per the production possibility curve or the PPC given to us, she will have to identify the opportunity cost for the same and will have to let go of the C grade in economics and hence earn D.

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Most popular questions from this chapter

The following table illustrates the points a student can earn on examinations in economics and biology if the student uses all available hours for study. Plot this student鈥檚 production possibilities curve. Does the PPC illustrate the law of increasing additional costs?

EconomicsBiology
10040
9060
8075
7085
6093
5098
40100

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Suppose that in Figure 2-1, a student currently is allocating her study time in such a way that she is earning a C in mathematics and a C in economics. If the student desires to boost her economics grade to an A, how must she alter the number of hours per week that she studies economics? How must she alter the number of hours per week that she studies mathematics?

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