Consider a change in the table in Problem 2-4. The student's set of opportunities is now as

Question:

Consider a change in the table in Problem 2-4. The student's set of opportunities is now as follows:
Economics Biology
100.........................40
90..........................60
80..........................75
70..........................85
60..........................93
50..........................98
40.........................100
Does the PPC illustrate the law of increasing additional cost? What is the to this student for the additional amount of study time on economics required to move her grade from 60 to 70? From 90 to 100?
Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...