Question

[Related to Solved Problem #1] You have exams in economics and chemistry coming up and 5 hours available for studying. The following table shows the trade-offs you face in allocating the time you will spend in studying each subject. Hours Spent Studying Midterm Score Choice Economics Chemistry Economics Chemistry 98 96 93 3 92 Score on economics exam 94 Use the multipoint curve drawing tool to plat a production possibilities frontier showing the trade-off between your economics grade and chemistry grade. Plot all choices A through F. Properly label this curve. Carefully follow the instructions above, and only draw the required objects. If you are at point C, what is the opportunity cost of increasing your chemistry score by studying one additional hour for the chemistry exam? fewer points on your economics exam. 72 74 76 78 80 82 84 86 88 90 92 94 96 98 100 Score on chemistry exam (72,95) After plotting the final point of your multipoint curve, press the Esc key on your keyboard to end the line. Selected: Multipoint curve tool A Delete Clear Click the graph to plot the first point of your multipoint curve. Save for Later

Answer 1

By plotting the given production possibilities for Economics and Chemistry score, we get the PPF as shown below:

عليهم السلمهدير BBP PPF 19 92 94 96 98 loo 78 80 82 84 86 88 90 Soove on Chemistry exam

If we are at point C , then the opportunity cost of increasing the Chemistry score by studying one additional hour for the Chemistry score= (93-89)= 4 fewer points on your economics exam.