Question

Hubert is a hard-working college junior. One Sunday, he decides to work nonstop until he has...

Hubert is a hard-working college junior. One Sunday, he decides to work nonstop until he has answered 150 practice problems for his economics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem.

Time Total Problems Answered
8:00 AM 0
9:00 AM 60
10:00 AM 105
11:00 AM 135
Noon 150

Use the table to answer the following questions.

The marginal, or additional, gain from Hubert’s second hour of work, from 9:00 AM to 10:00 AM, isproblems.

The marginal gain from Hubert’s fourth hour of work, from 11:00 AM to noon, isproblems.

Later, the teaching assistant in Hubert’s economics course gives him some advice. “Based on past experience,” the teaching assistant says, “working on 52.5 problems raises a student’s exam score by about the same amount as reading the textbook for 1 hour.” For simplicity, assume students always cover the same number of pages during each hour they spend reading.

Given this information, in order to use his 4 hours of study time to get the best exam score possible, how many hours should he have spent working on problems, and how many should he have spent reading?

0 hours working on problems, 4 hours reading

1 hour working on problems, 3 hours reading

3 hours working on problems, 1 hour reading

4 hours working on problems, 0 hours reading

Homework Answers

Answer #1

The marginal, or additional, gain from Hubert’s second hour of work, from 9:00 AM to 10:00 AM, is 45 problems.
(Marginal gain = 105 - 60 = 45)

The marginal gain from Hubert’s fourth hour of work, from 11:00 AM to noon, is 15 problems.
(Marginal gain = 150 - 135 = 15)

1 hour working on problems, 3 hours reading
(Marginal gain from first hour = 60 - 0 = 60 which is greater than marginal gain from reading. However, marginal gain from second hour = 45 problems which is less than marginal gain from reading. Thus, only 1 hour will be spent working on problems and 3 hours are thus spent on reading.)

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
4. A decision at the margin Carlos is a hard-working college senior. One Saturday, he decides...
4. A decision at the margin Carlos is a hard-working college senior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his physics course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 40 10:00 AM 70 11:00 AM 90...
4. A decision at the margin Beth is a hard-working college freshman. One Thursday, she decides...
4. A decision at the margin Beth is a hard-working college freshman. One Thursday, she decides to work nonstop until she has answered 200 practice problems for her chemistry course. She starts work at 8:00 AM and uses a table to keep track of her progress throughout the day. She notices that as she gets tired, it takes her longer to solve each problem. Time Total Problems Answered 8:00 AM 0 9:00 AM 80 10:00 AM 140 11:00 AM 180...
Juanita is deciding whether to buy a skirt that she wants, as well as where to...
Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $129 for the skirt: Store Travel Time Each Way Price of a Skirt (Minutes) (Dollars per skirt) Local Department...
James, a college student, generally spends his holidays working for the university as a research assistant...
James, a college student, generally spends his holidays working for the university as a research assistant doing data entry at a wage rate of $10.00 per hour for a 40-hour week. Overtime work is always available at an hourly rate of 1.5 times the regular wage rate. For the coming holidays, he has been offered a burger stall concession at the student affairs building which would have to be open 8 hours per day, 7 days a week. He estimates...
Ahmad, a college student, generally spends his holidays working for the university as a research assistant...
Ahmad, a college student, generally spends his holidays working for the university as a research assistant doing data entry at a wage rate of $10.00 per hour for a 40-hour week. Overtime work is always available at an hourly rate of 1.5 times the regular wage rate. For the coming holidays, he has been offered a burger stall concession at the student affairs building which would have to be open 8 hours per day, 7 days a week. He estimates...
.Curious George must decide how much to work. He has 60 hours per week available that...
.Curious George must decide how much to work. He has 60 hours per week available that he can spend either working or engaging in leisure (which for him is creating various kinds of mischief). He can work at a wage rate of $5 per hour. The Man with the Yellow Hat (who looks after George) also gives him an allowance of $100 per week, no matter how much George works. George's only source of income that he can use for...
1-Suppose in one year Leo's Lemonade Stand sells 5,000 cups of lemonade at a price of...
1-Suppose in one year Leo's Lemonade Stand sells 5,000 cups of lemonade at a price of $0.25 per cup. Leo incurs the following costs for the year: cups: $40 sugar: $20 lemons: $150 water: $75 wages for Linda (the friend Leo hires to help him): $400 Recall Leo also uses $100 from his savings account to buy materials to build the stand. He forgoes $5 in interest income that he could have earned if he had left the money in...
Scott E. Miller, CPA, CVA has given an example of an expert witness in his article...
Scott E. Miller, CPA, CVA has given an example of an expert witness in his article entitled “You Got the Litigation Engagement, So Now What,” in The Value Examiner. Read his example and then prepare a list of mistakes that the expert made in his expert witnessing engagement. Let’s assume there is a CPA, Calvin P. Anderson. Calvin has been a practicing CPA for 15 years. He has a successful CPA firm providing a full range of traditional accounting and...
The Harborside Inn, located on the New England coast, is a 125-room luxury hotel. The inn's...
The Harborside Inn, located on the New England coast, is a 125-room luxury hotel. The inn's guests are predominantly upper middle class in that the going rate is about $100 per day per person. The hotel grounds include 30 acres of lawns and gardens. Their nine-hole golf course winds its way around a picturesque trout pond. The hotel grounds were meticulously cared for and yet efforts at cultivating beauty could not match the natural beauty which was so much a...
The Nataraj Metal Products Company (hereinafter referred to as the Nataraj), has it manufacturing plant at...
The Nataraj Metal Products Company (hereinafter referred to as the Nataraj), has it manufacturing plant at Arani and employs about 500 workers. It produces a variety of metal products such as brass knobs, steel frames, collapsible iron gates, chromium handles and so on. Orders for these are placed by building contractors in and around Madras but the volume of orders fluctuates, with the rainy season being the slowest period. The company is reputed for quality products delivered on time and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT