Suppose, unfortunately, your mathematics andeconomics professors have decided to give teststwo days from now and you can spend a total ofonly twelve hours studying for both exams. Aftersome thought, you conclude that dividing yourstudy time equally between each subject will giveyou an expected grade of C in each course. Foreach additional three hours of study time for oneof the subjects, your grade will increase one letterfor that subject, and your grade will fall oneletter for the other subject.48 PART 1 • Introduction to EconomicsCopyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.a. Construct a table for the production possibilitiesand corresponding number of hours ofstudy in this case.b. Plot these production possibilities data in agraph.c. Does this production possibilities curve reflectthe law of increasing opportunity costs?Explain.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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Suppose, unfortunately, your mathematics and
economics professors have decided to give tests
two days from now and you can spend a total of
only twelve hours studying for both exams. After
some thought, you conclude that dividing your
study time equally between each subject will give
you an expected grade of C in each course. For
each additional three hours of study time for one
of the subjects, your grade will increase one letter
for that subject, and your grade will fall one
letter for the other subject.
48 PART 1 • Introduction to Economics
Copyright 2019 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it.
a. Construct a table for the production possibilities
and corresponding number of hours of
study in this case.
b. Plot these production possibilities data in a
graph.
c. Does this production possibilities curve reflect
the law of increasing opportunity costs?
Explain.

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