Question

Suppose you study 3 hours per day and your test grade was 70. For each member...

Suppose you study 3 hours per day and your test grade was 70. For each member of the group, draw an indifference curve representing combinations of grade and free time that would give you equal satisfaction. Discuss reasons for why your indifference curves might be different/the same.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose you have 24 hours per day that you can allocate between leisure and working. (i)...
Suppose you have 24 hours per day that you can allocate between leisure and working. (i) Draw the budget constraint between “leisure hours” on the horizontal axis and “wage income” on the vertical when the wage rate is $40 per hour. Mark an optimum point A that is meaningful. Draw a new budget constraint when the wage rate falls to $30 per hour. Show a new optimum point B. (ii) On your indifference curve diagram, decompose the effect of the...
A sample of 3 students who study 2, 5 and 6 hours per day obtained, at...
A sample of 3 students who study 2, 5 and 6 hours per day obtained, at the end of the year, GPAs of 6, 9 and 8 respectively. Using the method presented in class find the equation of the least-squares lines. Do your calculations on a sheet of paper to be uploaded at the end of the exam. Write the equation in the response box below. You can write it in words, e.g. 'yhat = ...' What is the sample...
Ira’s only source of income is from working. He can work as many hours per day...
Ira’s only source of income is from working. He can work as many hours per day as he wishes (up to a maximum of 24 hours) at a fixed wage rate of $10 / hour. a. Initially, assume that there is no income tax.   Draw Ira’s budget constraint. b. Now suppose, that the government introduces a tax rate of 50 cents in the dollar. Suppose that leisure is a normal good that tax ends up reducing Ira’s hours worked. Show...
You have to draw indifference curves and budget constraints to express your answers. The test will...
You have to draw indifference curves and budget constraints to express your answers. The test will be held 15 hours later. Sally has yet to study for it. Suppose an hour of study can increase the score by 5 in the test. (a) Draw the budget constraint of Sally. (Hint: good x is sleeping in hours, and good y is test score) (b) The test is unexpectedly delayed for 5 hours. Do you think that Sally’s test score must be...
Suppose you have midterms in economics and astronomy tomorrow. You only have 4 hours to study....
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...
3. Suppose that you are planning a Valentine’s Day party where you will serve cake (C)...
3. Suppose that you are planning a Valentine’s Day party where you will serve cake (C) and brownies (B). You have four hours to prepare for the party. Suppose that in one hour you can produce two cakes or eight brownies. a. Draw your production possibilities curve for four hours of time. Put brownies on the vertical axis. Why is your PPC linear? b. What is the opportunity cost of one cake? c. On a separate graph, show the effect...
Flanders likes to run long races only. That is, he hates running for less than two...
Flanders likes to run long races only. That is, he hates running for less than two hours (each of the first 120 minutes of running make him worse than before) but, after 120 minutes of running, each additional minute of running makes him feel better. Flanders has eight free hours a day. Draw Flanders’s budget line between hours spent running (measured on the horizontal axis) and hours spent on other leisure activities (measured on the vertical axis). What is the...
2. Suppose you can describe your preferences by the utility function U = 2qS0.8qM0.2. (a) Which...
2. Suppose you can describe your preferences by the utility function U = 2qS0.8qM0.2. (a) Which good, ski lift tickets or meals out, provides you with greater marginal utility when you have equal quantities of each? (b) Provide a formula for the slope of any indifference curve (the Marginal Rate of Substitution) between ski lift tickets and meals out. (c) What happens to your Marginal Rate of Substitution as the number of ski lift tickets you purchase increases (i.e., does...
Question 1 The line that connects the combinations of goods that leave you indifferent is called:...
Question 1 The line that connects the combinations of goods that leave you indifferent is called: Select one: a. the indifference curve. b. the budget constraint. c. the indifference constraint. d. the indifference line. Question 2 An increase in income will cause: Select one: a. the budget constraint to become flatter, so that it includes more combinations. b. the budget constraint to become steeper, so that it includes more combinations. c. a parallel shift inward of the budget constraint. d....
Let U=X1/2Y2, dU/dX=(1/2)X-1/2Y2, dU/dY=2X1/2Y Px=$15, Py=$3 and I=$300 1.(2 pts)_______________________ What is the level of happiness...
Let U=X1/2Y2, dU/dX=(1/2)X-1/2Y2, dU/dY=2X1/2Y Px=$15, Py=$3 and I=$300 1.(2 pts)_______________________ What is the level of happiness at X=16, Y=6? 2. (2 pts)_______________________What is the marginal utility of X at this point? 3.(2 pts)________________________ What is the slope of the indifference curve at this point? 4.(2 pts)_______________________ At this point, which is larger: the marginal utility of the last dollar spent on X or the marginal utility of the last dollar spent on Y? (You must show both marginal utilities per...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT