12) Melquiades is worried about his grades from the microeconomics course, according to therules for grading, the final grade is obtained as the minimum between the grade for the midtermtest (x) and the final test (y).The utility function of Melquiades will depend on the grades obtained from those two testsNow, Melquiades has researched that the average student needs to study 24 minutesan additional point in each test (tests are graded from 0 to 100)obtain d) Suppose the grading method changes, the new method is now the simple average ofboth midterm and final test, what would be the utility function of Melquiades? Whatwould be the best combination?

Answered: d) Suppose the grading method changes,…

d) Suppose the grading method changes, the new method is now the simple average of both midterm and final test, what would be the utility function of Melquiades? What would be the best combination?

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

12) Melquiades is worried about his grades from the microeconomics course, according to the
rules for grading, the final grade is obtained as the minimum between the grade for the midterm
test (x) and the final test (y).
The utility function of Melquiades will depend on the grades obtained from those two tests
Now, Melquiades has researched that the average student needs to study 24 minutes
an additional point in each test (tests are graded from 0 to 100)
obtain

d) Suppose the grading method changes, the new method is now the simple average of
both midterm and final test, what would be the utility function of Melquiades? What
would be the best combination?

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