9:00 AM 140 10:00 AM 180 11:00 AM 200 Use the table to answer the following questions. The marginal, or additional, gain from Amaia's second hour spent working, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Amaia's fourth hour spent working, from 10:00 AM to 11:00 AM, is problems. The following week, Amaia's statistics faculty advisor gives her some advice. In all their years of teaching they claim to observe that working on 50 multiple choice questions boosts a student's test score by about the same amount as spending an hour reviewing lecture notes. For simplicity, assume students are able to review lecture notes at a constant pace during each hour spent studying. Given this information, in order to use her 4 hours of time spent studying to get the highest possible test score, how many hours should she have spent solving multiple choice problems, and how many hours should she have spent reviewing lecture notes? 1 hour working on problems, 3 hours reading 2 hours working on problems, 2 hours reading 3 hours working on problems, 1 hour reading 4 hours working on problems, 0 hours reading Grade It Now Save & Continue Continue without savingmework (Ch 01) ck to Assignment Attempts Average / 2 2. Determining opportunity cost Suppose that Ciana is deciding whether or not to buy a pair of boots that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the boots she likes, but some stores are more convenient Discounted for Ciana to reach than others. One option is her local shoe Marked-up price price store located only 15 minutes away from where she works, where they charge a marked-up price of $113 for the boots: Juanita's office Original price Travel Time Each Way Price of a Boots Store (Minutes) (Dollars per boots) Local Shoe Store 15 113 Different Neighborhood in Town 30 100 Rural Outlet 60 73Juanita's office Original price Travel Time Each Way Price of a Boots Store (Minutes) (Dollars per boots) Local Shoe Store 15 113 Different Neighborhood in Town 30 100 Rural Outlet 60 73 Ciana earns an hourly wage of $16 at her job. In order to purchase her boots she will have to take time off work, so each hour away from her job costs her $16 in lost income. Assume that Ciana's travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the boots, such as gas. Complete the following table by computing the opportunity cost of Clana's time and the total cost of shopping at each location. Opportunity Cost of Time Price of a Boots Total Cost Store (Dollars) (Dollars per boots) (Dollars) Local Shoe Store 113 Different Neighborhood in Town 100 Rural Outlet 73 Assume that Clana considers both her opportunity costs and the price of boots when making her shopping decision. Clana will minimize her cost of buying the boots if she shops at the Grade It Now Save & Continue Continue without saving