Suppose you must divide your time between studying for your physicsfinal exam and authoring a final paper for your Psychology class. Thefraction of time that you spend studying physics and its relation to yourgrade in the two classes given in the table below.Fraction ofTime Spent Physics Psychologyon PhysicsGradeGrade9720459240658560757080825010088What is the opportunity cost of increasing the time spent on physicsfrom 80 to 100 percent? What is the opportunity cost of increasing thetime spent on physics from 60 to 80 percent?45 and 5 points respectively6 and 5 points respectively50 and 20 points respectivelyO 75 and 70 points respectivelyfied)

The opportunity cost is the time spent studying as well as the money that could have been spent…

What is the opportunity cost of increasing the time spent on physics from 80 to 100 percent? What is the opportunity cost of increasing the time spent on physics from 60 to 80 percent? 45 and 5 points respectively 26and 5 points respectively 50 and 20 points respectively O 75 and 70 points respectively

What is the opportunity cost of increasing the time spent on physics from 80 to 100 percent? What is the opportunity cost of increasing the time spent on physics from 60 to 80 percent? 45 and 5 points respectively 26and 5 points respectively 50 and 20 points respectively O 75 and 70 points respectively

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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Similar questions

During the Second World War, Germanys factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germanys production possibilities curve?
Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
Q15.) Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12. 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is m? 6 magazines 2.) If she buys 1 pie the number of magazines she can buy in a week is? 3 magazines 3.) What is her S opportunity cost of purchasing a pie? $4 What is question 4 answer? 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___
briefly explain how you can apply economics in your daily life. guidelines: • time management
3. During the summer you have made the decision to attend summer school, which preve:ts you from working at your usual summer job in which you normally earn S5,000 for th summer. Your tuition cost is S3,000 and books and supplies cost S1,300. In terms of dollars, the opportunity cost of attending summer school is: A. SI0,300. B. S5,000. C. S4,300. D. S3,000.
Consider your decision about whether to go skiing for the weekend. Suppose transportation, lift tickets, and accommodation for the weekend costs $300. Suppose also that restaurant food for the weekend will cost $75. Finally, suppose you have a weekend job that you will have to miss to go skiing, which pays you $120. Calculatethe opportunity cost of going skiing? Do you need any other information about computing the opportunity cost?
You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?
Below is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specifific assumptions is this production possibilities curve based?b. If the economy is at point C, what is the cost of one more automobile? Of one more forklift? Explain how the production possibilities curve reflfl ects the law of increasing opportunity costs.c. If the economy characterized by this production possibilities table and curve were producing 3 automobiles and 20 fork lifts, what could you conclude about its use of its available resources?d. What would production at a point outside the production possibilities curve indicate? What must occur before the economy can attain such a level of production?
Beth is a skilled toy maker who is able to produce both boats and balls. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Balls) (Boats) (Balls) A 8 0 4 0 B 6 2 3 12 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Beth's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSBOATS Suppose Beth is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Beth is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Beth increases her production of boats, her opportunity cost of producing one…
You have only 20 hours per week to use for either study time or fun time. Suppose the relationship between study time, fun time, and grades is shown in this table: bartelby learn Fun time (hours per week) 20 18 14 8 0 Study time (hours per week) 0 2 6 12 20 Grade point average 0 1.0 2.0 3.0 4.0 a. Draw the (linear) production possibilities curve on the graph below that represents the alternative uses of your time. b. On the same graph, show the combination of study time and fun time that would get you a 2.0 grade point average. c. What is the cost, in lost fun time, of raising your grade point average from 2.0 to 3.0? ________hours of fun time d. What is the opportunity cost of increasing your grade point average from 3.0 to 4.0? ___________hours of fun time
Sam is a skilled toy maker who is able to produce both cars and balls. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Choice Hours Producing Produced (Cars) (Balls) (Cars) (Balls) A 8 0 4 0 B 6 2 3 8 C 4 4 2 14 D 2 6 1 16 E 0 8 0 17 On the following graph, use the blue points (circle symbol) to plot Sam's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050BALLSCARS Suppose Sam is currently using combination D, producing one car per day. His opportunity cost of producing a second car per day is per day. Now, suppose Sam is currently using combination C, producing two cars per day. His opportunity cost of producing a third car per day is per day. From the previous analysis, you can determine that as Sam increases his production of cars, his opportunity cost of producing one more car .…
The first principle of economics in Chapter 1 is thatpeople face trade-offs. Use a production possibilitiesfrontier to illustrate society’s trade-off between two“goods”—a clean environment and the quantity ofindustrial output. What do you suppose determinesthe shape and position of the frontier? Show whathappens to the frontier if engineers develop anew way of producing electricity that emits fewerpollutants