Use the graph to plot the production possibilities frontier for Jade's study options. b. Suppose Jade spends the first two hours studying economics. The opportunity cost of spending the third hour studying economics __________ is points on her _______exam. c. Suppose Jade’s goal is to maximize her combined exam scores. Calculate how many hours she should spend studying economics and how many hours she should spend studying astronomy. Jade should spend _________hours studying economics and _________hours studying astronomy. d. Suppose Jade's laptop dies and refuses to start up. All her notes and class materials (for both classes) are saved on its hard drive. Jade's production possibilities curve will_______, because studying________
Use the graph to plot the production possibilities frontier for Jade's study options. b. Suppose Jade spends the first two hours studying economics. The opportunity cost of spending the third hour studying economics __________ is points on her _______exam. c. Suppose Jade’s goal is to maximize her combined exam scores. Calculate how many hours she should spend studying economics and how many hours she should spend studying astronomy. Jade should spend _________hours studying economics and _________hours studying astronomy. d. Suppose Jade's laptop dies and refuses to start up. All her notes and class materials (for both classes) are saved on its hard drive. Jade's production possibilities curve will_______, because studying________
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Jade has midterms in economics and astronomy tomorrow and only has four hours left to study. The accompanying table provides the combinations of time spent studying economics and astronomy and her expected exam scores.
a. Use the graph to plot the production possibilities frontier for Jade's study options.
b. Suppose Jade spends the first two hours studying economics. The opportunity cost of spending the third hour studying economics __________ is points on her _______exam.
c. Suppose Jade’s goal is to maximize her combined exam scores. Calculate how many hours she should spend studying economics and how many hours she should spend studying astronomy.
Jade should spend _________hours studying economics and _________hours studying astronomy.
d. Suppose Jade's laptop dies and refuses to start up. All her notes and class materials (for both classes) are saved on its hard drive.
Jade's production possibilities curve will_______, because studying________
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Step 1: Introduce the concept of production possibilities frontier.
VIEWStep 2: Part (a) Plot the production possibilities frontier for Jade's study options.
VIEWStep 3: Part (b) Determine the opportunity cost of spending the third hour studying economics.
VIEWStep 4: Part (c) Determine how many hours Jade should spend studying economics.
VIEWStep 5: Part (d) Jade's production possibilities curve when Jade's laptop dies.
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