D 40 60 80 100 Grade on Accounting exam a. Mark a point "A" where the opportunity cost of studying for accounting is very high. b. Mark a point "B" where the opportunity cost of studying for economics is very high. c. Mark a point "C" that represents an inefficient use of your time. d. Mark a point “D" that represents an unattainable combination of grades. e. Suppose you decide to devote less time to studying. Show a new production possibilities curve representing the new combinations of grades attainable. Mark it "E". f. Suppose you keep the original amount of study time, but get a tutor for accounting so that each hour spent studying for accounting is more productive. Show your new production possibilities curve, marking it F". 20 08 09 40 0. Grade on Economics exam

D 40 60 80 100 Grade on Accounting exam a. Mark a point "A" where the opportunity cost of studying for accounting is very high. b. Mark a point "B" where the opportunity cost of studying for economics is very high. c. Mark a point "C" that represents an inefficient use of your time. d. Mark a point “D" that represents an unattainable combination of grades. e. Suppose you decide to devote less time to studying. Show a new production possibilities curve representing the new combinations of grades attainable. Mark it "E". f. Suppose you keep the original amount of study time, but get a tutor for accounting so that each hour spent studying for accounting is more productive. Show your new production possibilities curve, marking it F". 20 08 09 40 0. Grade on Economics exam

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Tell me why each point deserves to be where it is

The opportunity cost: that is, how many lawns mowed
must be given up in order to wash an extra car. Starting
at al lawns mowed, first segment is if Moe switches
over (lowest opp. cost), then second segment Larry, then
finally last segment Curly (highest opp. cost for cars
washed).
e.
What does the slope of this
production possibilities
curve represent?
3. Consider the production possibilities curve below for your grade on two exama
studomics and accounting, assuming that you have a fixed amount of time to
study and that you split it in some way between the two subjects.
D
E
F
20
40
60
80
100
Grade on Accounting exam
a. Mark a point "A" where the opportunity cost of studying for accounting is
very high.
b. Mark a point "B" where the opportunity cost of studying for economics is
very high.
c. Mark a point "C" that represents an ine fficient use of your time.
d. Mark a point "D" that represents an unattainable combination of grades.
e. Suppose you decide to devote less time to studying. Show a new
production possibilities curve representing the new combinations of grades
attainable. Mark it "E".
f. Suppose you keep the original amount of study time, but get a tutor for
accounting so that each hour spent studying for accounting is more
productive. Show your new production possibilities curve, marking it "F".
08
09
Grade on Economics exam

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