Answer to Question #66165 in Microeconomics for usman
Suppose, unfortunately, your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only 12 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 coarse. 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.
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 possibilites curve reflect the law of increasing opportunity costs?Explain
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