### Table 2-1Referring to Table 2-1: A student has only a few hours to prepare for two different exams this afternoon. The above table shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is:- 15 points on the history exam- 8 points on the history exam- 14 points on the history exam- 17 points on the history exam### Explanation of Table 2-1The table comprises three columns:1. **Possibility A:** Lists three different scenarios under which the student could allocate their preparation time.2. **Economics:** Shows the possible exam scores in Economics for each scenario.3. **History:** Displays the possible exam scores in History for each scenario.#### Scenarios- **Possibility I:** - Economics: 94 - History: 76- **Possibility II:** - Economics: 87 - History: 84- **Possibility III:** - Economics: 77 - History: 91#### Calculation of Opportunity CostThe opportunity cost of scoring a 94 in the economics exam, compared to scoring 77, can be calculated by comparing the scores in the History column between the corresponding scenarios:- Possibility I (94 in Economics) paired with Possibility III (77 in Economics) shows a difference in History scores of:- 76 (History score in Possibility I) versus 91 (History score in Possibility III) which is a difference of 15 points in History.Therefore, the correct answer is "15 points on the history exam".

The potential benefit or value that is forgone when choosing one alternative over another is termed…

Possibility A I || Table 2-1 Economics 94 87 77 History 76 84 91 Referring to Table 2-1: A student has only a few hours to prepare for two different exams this afternoon. The above table shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is: 15 points on the history exam 8 points on the history exam 14 points on the history exam 17 points on the history exam

Possibility A I || Table 2-1 Economics 94 87 77 History 76 84 91 Referring to Table 2-1: A student has only a few hours to prepare for two different exams this afternoon. The above table shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of scoring a 94 on the economics exam rather than a 77 is: 15 points on the history exam 8 points on the history exam 14 points on the history exam 17 points on the history 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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