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Chapter 2: Q. 2.20 (page 47)

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?

Short Answer

Expert verified

Economics- 6

Maths- 0

Step by step solution

01

Step1. Introduction

Opportunity cost is the cost of choosing one alternative over the next best alternative. More of it is like a tradeoff between the option we choose and the next best alternative.

02

Step2. Explanation

The person wants to move from combination of C and C in maths and economics to A in economics, which means F in maths. For a A in economics, 3 more hours are required, i.e. from 3 hours currently to 6 hours. This implies no time left for studying maths.

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Most popular questions from this chapter

Suppose that in Fig 2-2, the nation currently is producing combination D in the table and on the graph of the production possibilities curve. What is the opportunity cost of producing 20 million more tablet devices and moving to production combination F?

Recently, a woman named Mary Krawiec attended an auction in Troy, New York. At the auction, a bank was seeking to sell a foreclosed property: a large Victorian house suffering from years of neglect in a neighborhood in which many properties had been on the market for years yet remained unsold. Her \(10 offer was the highest bid in the auction, and she handed over a \)10 bill for a title to ownership. Once she acquired the house, however, she became responsible for all taxes on the property and for an overdue water bill of \(2,000. In addition, to make the house habitable, she and her husband devoted months of time and unpaid labor to renovating the property. In the process, they incurred explicit expenses totaling \)65,000. Why do you suppose that the bank was willing to sell the house to Ms. Krawiec for only $10? (Hint: Contemplate the bank鈥檚 expected gain, net of all explicit and opportunity costs, if it had attempted to make the house habitable.)

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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