Randolph is taking three courses this semester: economics, statistics, and finance. He has decided to spend 20 hours per week studying (in addition toattending all his classes) and his objective is to maximize his average grade, which means maximizing the total of his grades in the three courses. Thetable shows Randolph's estimate of the relation between time spend studying and his grade for each course.Hours ofstudy45678910Grade in:Economics Statistics6354647279Multiple Choice858890927278838789Finance68768287909395Based on the information in the table, how should Randolph allocate his time?7 hours economics, 7 hours statistics, 6 hours finance6 hours economics, 6 hours statistics, 8 hours finance

Answered: Image /qna-images/answer/3427be1e-0199-4f6c-b553-3bdfa9f7ea74.jpg

Answered: Randolph is taking three courses this…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Economists use the mid-point formula for calculating a percentage change because it yields the same answer no matter if the variable increases or decreases. Select one: True False
3
am. 217.
Help me please
please answer B
Graph and label as either direct or indirect the relationships you would expect to find between (a) the number of inches of rainfal per month and the sale of umbrellas, (b) the amount of tuition and the level of enrollment at a university, and (c) the popularity of an entertainer and the price of her concert tickets.
Suppose the following transactions occur during the current year: 1. Kevin orders 50 cases of mezcal from a Mexican distributor at a price of $90 per case. 2. A U.S. company sells 300 spark plugs to a Korean company at $5.00 per spark plug. 3. Rajiv, a U.S. citizen, pays $900 for a TV he orders from Cosmart (a U.S. company). Complete the following table by indicating how the combined effects of these transactions will be reflected in the U.S. national accounts for the current year. Hint: Be sure to enter a “0” if none of the transactions listed are included in a given category and to enter a minus sign when the balance is negative. Amount (Dollars) Consumption Investment Government Purchases Imports Exports Net Exports Gross Domestic Product (GDP)
Suppose that you are considering whether to enroll in a summer computer-training program that costs $3,600. If you take the program, you will have to give up $1,800 of earnings from your summer job. You figure that the program will increase your earnings by $600 per year for each of the next 10 years. Beyond that, it is not expected to affect your earnings. Suppose the interest rate is 10% Use the preceding information to calculate the present value of the wage increase resulting from the training program. Then decide whether the investment is worthwhile, given the present value of the cost of the training program. At this interest rate, the present value of the increase in wages is about the training. Thus, from a strictly monetary viewpoint, you than the present value of the total cost of , which is participate in the training program.
Suppose Congress enacts a tax reform law, and the average federal tax rate drops from 30% to 10%. Researchers investigate the impact of the tax cut and find that the income subject to the tax increases from $600 billion to $700 billion. The theoretical explanation is that workers have increased their work effort in response to the incentive of lower taxes. On the following graph, use the green point (triangle symbol) to plot the point corresponding to the income of $600 billion. Then use the orange point (square symbol) to plot the point corresponding to the income of $700 billion. FEDERAL TAX REVENUE (Billions of dollars) 220 200 180 160 140 120 100 + 80 - 60 + 40 + 20 0 0 10 O True 20 O False 30 40 50 60 70 80 FEDERAL TAX RATE (Percent) 90 Laffer Curve 100 110 "A Income $600 Income $700 True or False: The change in income is represented by a movement along the upward-sloping portion of the Laffer curve. ?
13. Suppose that AS = 3SAT + 2SAX and that today's price is S(0) = 50. Find (i.e., derive) the PDF for the price of S(1), the price one year from now.
An economist is interested in how the price of a certain item affects its monthly sales. At a price of $p, a quantity, q, of the item is sold each month. Suppose that we write q=D(p). Using complete and descriptive sentences, explain the meaning of each of the following statements: a) D(500) = 2,000. b) D'(500) =-25.

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS