Aiden is an Economics student who has exactly one week to study for his Microeconomics and Macroeconomics exams. Revising each Micro topic requires 5 hours and revising each Macro topic requires 9 hours. There is also a level of concentration demanded by each subject. Each Micro topic demands 6 units of concentration while each Macro topic demands 2 units of concentration. Suppose that Aiden has 78 units of concentration to spend over the week and wants to sleep 8 hours every night. For all following questions, round answers to 3 decimal places. Assume that Micro and Macro topics are perfectly divisible goods. a) Ignoring his concentration constraint, what is the difference between the maximum number of Micro and Macro topics Aiden has time to revise for? b) Ignoring his time constraint, what is the difference between the maximum number of Micro and Macro topics that Aiden has the concentration to revise for? c) Let x be the number of Micro topics studied and y be the number of Macro topics studied. At what point (x, y) do the budget lines for time and concentration intersect? (x, y) = ( d) If Aiden wants to revise at least 1 Micro topics, what is the maximum number of Macro topics he will be able to revise?

Aiden is an Economics student who has exactly one week to study for his Microeconomics and Macroeconomics exams. Revising each Micro topic requires 5 hours and revising each Macro topic requires 9 hours. There is also a level of concentration demanded by each subject. Each Micro topic demands 6 units of concentration while each Macro topic demands 2 units of concentration. Suppose that Aiden has 78 units of concentration to spend over the week and wants to sleep 8 hours every night. For all following questions, round answers to 3 decimal places. Assume that Micro and Macro topics are perfectly divisible goods. a) Ignoring his concentration constraint, what is the difference between the maximum number of Micro and Macro topics Aiden has time to revise for? b) Ignoring his time constraint, what is the difference between the maximum number of Micro and Macro topics that Aiden has the concentration to revise for? c) Let x be the number of Micro topics studied and y be the number of Macro topics studied. At what point (x, y) do the budget lines for time and concentration intersect? (x, y) = ( d) If Aiden wants to revise at least 1 Micro topics, what is the maximum number of Macro topics he will be able to revise?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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