The following diagram is the feasible set of a student, showing the combinations of her final grade and thehours of free time per day.10090A8070604030Feasible set201013 1419 2024Hours of free time per dayAEFFree time13141920Grade84815750Opportunity cost7Based on this information, we can say that:Points A and C are on the feasible frontier, while at B she can get a higherа.grade for the same hours of free time compared to C. Therefore the studentwill choose B.b.At D, the student is able to attain a higher grade but has less free timecompared to C. Whether she would choose C or D then depends on herpreferences.c.The marginal rate of transformation at F is 7, meaning that the student can"transform" one hour of free time into 7 extra points on her grade.d.At E, the student can attain the grade of 84 for 14 hours of free time.Therefore for one extra hour of studying, she can increase her grade by 2.5points.Final exam mark

A curve that depicts the varying amounts of two products that could in turn be produced when both of…

Answered: The following diagram is the feasible…

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter2: Mathematics For Microeconomics

Section: Chapter Questions

Problem 2.6P

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