Suppose you have midterms in economics and astronomy tomorrow, and you only have four hours left to study. The accompanying table provides the combinations of time spent studying economics and astronomy and your expected exam scores.Hours spent studying economicsEconomics exam scoreHours spent studying astronomyAstronomy exam score060070180183290287395390498492a. Draw a production possibilities frontier to illustrate your study options. What is the opportunity cost, in terms of your grades, of studying one extra hour for economics or one extra hour for astronomy?b. If your goal is to maximize your combined exam scores, how many hours should you spend studying each subject?c. Your laptop dies and refuses to start up. All your notes and class materials are saved on its hard drive. How do your production possibilities change? Illustrate in your graph from part (a).

When resources are limited, the production possibility frontier is a graph that depicts the various…

Answered: Suppose you have midterms in economics…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose you have midterms in economics and astronomy tomorrow, and you only have four hours left to study. The accompanying table provides the combinations of time spent studying economics and astronomy and your expected exam scores.

Hours spent studying economics Economics exam score Hours spent studying astronomy Astronomy exam score

0 60 0 70

1 80 1 83

2 90 2 87

3 95 3 90

4 98 4 92

a. Draw a production possibilities frontier to illustrate your study options. What is the opportunity cost, in terms of your grades, of studying one extra hour for economics or one extra hour for astronomy?

b. If your goal is to maximize your combined exam scores, how many hours should you spend studying each subject?
c. Your laptop dies and refuses to start up. All your notes and class materials are saved on its hard drive. How do your production possibilities change? Illustrate in your graph from part (a).

Hours spent studying economics	Economics exam score	Hours spent studying astronomy	Astronomy exam score
0	60	0	70
1	80	1	83
2	90	2	87
3	95	3	90
4	98	4	92

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