You have six hours to study for two exams tomorrow. The following table shows th

Question

You have six hours to study for two exams tomorrow. The following table shows the relationship between hours of study and test scores: a. Use the rule for determining optimal purchases to decide how many hours you should study each subject. Treat each point on an exam as 1 unit of utility and assume that you consider an extra point on an economics exam to have the same value as an extra point on a psychology exam. b. Now suppose that you are a psychology major and that you value each point you earn on a psychology exam as being worth three times as much as each point you earn on an economics exam. Now how many hours should you study each subject?

Explanation / Answer

We have,

Economics Psychology Economics Psychology

Hours score Hours score

0 54 0 54 0 0

1 62 1 60 62 60

2 69 2 65 138 130

3 75 3 69 225 207

4 80 4 72 320 288

5 84 5 74 420 370

6 87 6 75 522 450

Total 1687 1721

Calculating the totals

One should study for 4 hours in economics and 6 hours in psychology

b) Let hours for psychology= X

Then hours for economics = 3X

Hence 3X+X=1687

4X= 1687

X= 422

and 4X= 1721

X= 430

Hence one should study for 5 hours in economics and 6 hours in psychology

By,

Nishant Bhatt

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