week 2 Please help, Hours Spent Studying Midterm Score Choice Economics Chemistr
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week 2
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Hours Spent Studying Midterm Score Choice Economics Chemistry Economics Chemistry 70 78 84 95 93 2 81 75 91 Figure 3: Production Possibilities Schedule for a student. Taken from Hubbard, Glenn FR Tony O'Brien, Apostolos Serletis, and Jason Childs. Microeconomics, 2nd Canadian Edition Pearson Canada Inc. (2018) DISCUSSION QUESTION WEEK 2. Now it's your turn to apply the concepts learned Assume that you have a total of five hours available to study for two mid-term exams: Economics and Chemistry. Use the Production Possibilities Schedule above to answer the following questions: 1. What trade-off do you face as a student regarding your grade in Economics and Chemistry? 2. What is the outcome illustrated by choice B? 3. What is the opportunity cost of moving from choice D to C? 4. When might it make sense to choose an extreme point like A?Explanation / Answer
1) In case of limited time, as a student, we face a simple trade-off that is to study economics or chemistry. we can dedicate all our time to studying economics and get 95 marks in economics but our chemistry marks will suffer and we will get only 70 in it. Or we can spend most of our time in studying Chemistry which will give us 91 in the subject but only 75 in economics.
2) Outcome illustrated in choice B is 4 hours spend in reading economics and just 1 hour in Chemistry thereby the final marks which we will be getting will be 93 in economics and 78 in economics.
3) In choice D we are scoring 86 in Economics and 88 in chemistry if we switch to choice C our opportunity coat will be Zero. Whatever marks we will be gaining in economics i.e. 4 marks, we will be loosing the same in Chemistry i.e. 4 marks.
4) The point "A" represents all 5 hours dedicated to studying economics. This option can be chosen at the time when economics tests are near and we have to give our 100% in reading just economics.
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