Question

Suppose you have midterms in economics and astronomy tomorrow. You only have 4 hours to study. The table below provides the combinations of time spent studying economics and astronomy and your expected scores.

Hours Studying Econ |
Score | Hours Studying Astronomy | Score |

0 | 60 | 0 | 70 |

1 | 80 | 1 | 83 |

2 | 90 | 2 | 87 |

3 | 95 | 3 | 90 |

4 | 98 | 4 | 92 |

a. Draw a PPF. What is the opportunity cost, in terms of your grades, of studying one extra hour of econ or one extra hour of astronomy?

b. If your goal is to maximize your combined scores, how many hours should you spend in each subject?

c. Your laptop dies. All your notes are on your hard drive. How does your PPF change? Illustrate on your graph from part (a)

Answer #1

**A.** The PPF is drawn below.

The opportunity cost of studying one extra hour of economics is the marks lost in astronomy for studying one less hours there, and vice versa.

**B.** We should spend 3 hours in economics and 1
hour in astronomy as this combination gives us total marks of 178,
which is maximum combination. This is shown below

0 econ, 4 astro=60+92=152

1 econ, 3 astro=80+90=170

2 econ, 2 astro=90+87=177

3 econ, 1 astro=95+83=178

4 econ, 0 astro=98+70=168

**C.** In this case, we will spend 0 time on both
subjects and hence will get 60 marks in economics and 70 in
astronomy. So our PPF is now a single point, shown as the circle on
origin of the PPF graph in part A.

B. Maximization, using total analysis.
Suppose you want to get the highest possible combined score. One
possible way to achieve this goal is to calculate all the total
scores of various alternative study strategies by filling in the
blanks below. Do this.
Hours Studied Scores
Econ
Math
Econ
Math
Combined
8
1
100
24
124
7
2
97
44
141
__6_
3
____
____
_____
__5_
4
____
____
_____
_4__
5
____
____
_____
__3_
6
____
____
_____...

Suppose that the expected exam scores from studying economics
for 0, 1, 2, or 3 hours are 65, 80, 90, and 95 points,
respectively, while the expected exam scores for studying 0, 1, 2,
or 3 hours of accounting are 50, 65, 70, and 70 points,
respectively. With 3 total hours of study time, your combined
scores can be maximized by spending _______ hours studying
economics. 1 2 3 4

You have exams in economics and chemistry coming up and 5 hours
available for studying. The following table shows the trade-offs
you face in allocating the time you will spend in studying each
subject.
Hours Spent Studying
Midterm Score
Choice
Economics
Chemistry
Economics
Chemistry
A
5
0
9595
7070
B
4
1
9292
7979
C
3
2
8989
8585
D
2
3
8484
9090
E
1
4
7979
9292
F
0
5
7272
9494
Use the multipoint curve drawing tool...

1. Suppose you are trying to decide whether to study for your
economics course or play basketball. Assume that you can only
choose one activity. Studying carries a mental cost of $4 per hour.
you gain $10 for the first hour studying, $8 for the second hour,
5$ for the third hour, and$2 for the fourth hour. A) if you choose
to study, how many hours should you optimally study?(show work)
Playing basketball carries no mental cost. You gain$4 for...

Suppose you spent last night studying economics. You could have
spent the night talking with friends. Suppose it would have been
worth $40 to you to have talked with your friends. Alternatively,
you could have spent your time studying for a public management
exam. Suppose it would have been worth $50 to you to have studied
for your management exam. Your opportunity cost of studying
economics last night was:
A) $0.
B) $40.
C) $50.
D) $90

Hours, x Test score, y
0 43
1 43
2 55
4 48
4 62
5 70
5 75
6 84
7 83
8 93
The number of hours
ten
students spent studying for a test and their scores on that test
are shown in the table. Is there enough evidence to conclude that
there is a significant linear correlation between the data?
Use
alphaαequals=0.01
Setup the hypothesis for the test.
Identify the critical value(s). Select the correct choice below...

In narrative essay format, I want you to address a
business/organization case study using multiple concepts from
class. The case question and case text begin on page 5 of this
document. You need to demonstrate their best understanding of
management and organizational behavior theory, and the application
of those ideas to improve the understanding of various issues. You
need to clearly identify at least 3 distinct, substantive
issues.
For each issue you need to 1), identify evidence from the case...

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