Question

You have 6 hours to study for 2 exams tomorrow. The relationship between the time studying and test scores is shown below.

Economics Psychology Hours Score Hours Score 0 5959 0 5959 1 6767 1 6565 2 7474 2 7070 3 8080 3 7474 4 8585 4 7777 5 8989 5 7979 6 9292 6 8080

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

22

hours and psychology for

33

hours.

b. Suppose now that you are a psychology major and that you value each point you earn on a psychology exam as being worth three times as much as each point you earn on an economics exam. Now how many hours will you study each​ subject?

You should study economics for

nothing

hours and psychology for

nothing

hours.

Enter your answer in each of the answer boxes.

Answer 1