Microeconomics Plus Myeconlab With Pearson Etext (1-Semester Access)
Microeconomics Plus Myeconlab With Pearson Etext (1-Semester Access)
6th Edition
ISBN: 9780134435053
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
Question
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Chapter 10, Problem 10.1.7PA

Subpart (a):

To determine

Allocation of time based on marginal utility.

Subpart (b):

To determine

Allocation of time based on marginal utility.

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You have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below. Economics Hours Psychology Score 58 64 Score Hours 58 66 1 1 73 69 73 76 78 79 79 84 4 5. 88 9. 91 a. Use the rule for determining optimal purchases to decide how many hours you should study each subject Treat each point on an exam like 1 unit of utility and assume you are equally interested in doing well in economics and psychology. You should study economics for 6 hours and psychology for 5 hours.
The table details the total utility that J.J. gets from going to see basketball and hockey games during a month. J.J. had $120 to spend. Calculate the marginal utility and the marginal utility per dollar spent for both basketball and hockey given that the price is $20 and $30 respectively. Based on your calculations: how many basketball games would he attend? how many hockey games would he attend?
You have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below. Economics Psychology Score Hours Score Hours 58 58 66 1 64 2 73 2 69 3 79 3 73 84 76 88 5 78 91 6 79 a. Use the rule for determining optimal purchases decide how many hours you should study each subject. Treat each point on an exam like 1 unit of utility and assume you equally interested in doing well in economics and psychology. You should study economics for hours and psychology for hours.
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