6. Suppose you are running a 5 mile race. There is a water station. It will take you time to drink water (5 seconds per bottle). However, the fact that you will be refreshed will speed you up. This second effect can be quantified by a time saving of 30- 106 seconds for each bottle (for b = = 1,2,3, 4 etc). (a) Comment briefly (1 or 2 lines) on the relationship between number of bottles consumed and time saved. (b) Use Marginal Analysis to calculate the optimal number of bottles of water to drink. (c) Suppose you would have run the race in 30 minutes and 45 seconds if you didn't stop for water. How long would it take with stopping for the optimal number of bottles of water?
6. Suppose you are running a 5 mile race. There is a water station. It will take you time to drink water (5 seconds per bottle). However, the fact that you will be refreshed will speed you up. This second effect can be quantified by a time saving of 30- 106 seconds for each bottle (for b = = 1,2,3, 4 etc). (a) Comment briefly (1 or 2 lines) on the relationship between number of bottles consumed and time saved. (b) Use Marginal Analysis to calculate the optimal number of bottles of water to drink. (c) Suppose you would have run the race in 30 minutes and 45 seconds if you didn't stop for water. How long would it take with stopping for the optimal number of bottles of water?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:6. Suppose you are running a 5 mile race. There is a water station. It will take you time to
drink water (5 seconds per bottle). However, the fact that you will be refreshed will speed
you up. This second effect can be quantified by a time saving of 30 – 106 seconds for each
bottle (for b = 1, 2, 3, 4 etc).
(a) Comment briefly (1 or 2 lines) on the relationship between number of bottles consumed
and time saved.
(b) Use Marginal Analysis to calculate the optimal number of bottles of water to drink.
(c) Suppose you would have run the race in 30 minutes and 45 seconds if you didn't stop
for water. How long would it take with stopping for the optimal number of bottles of
water?
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