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Question 1: It's 8AM in the morning. You have 2 back to back exams starting at 2PM. You decide to make some last-minute effort to
Question 1: It's 8AM in the morning. You have 2 back to back exams starting at 2PM. You decide to make some last-minute effort to get better scores. From your previous experiences and your estimates, you predict the relationship between the hours you spend on studying and the scores you get as follows: Assuming you can only use (.1qu hour studying each subject (hours used must be on Integer) Subject A: Score=60+8X-0,5X2 Subject B: Score=62+l4X0-5 In the table below, list out the increases of your score for every hour devoted (marginal score) and the score ou can receive: Hours of Marginal increase __ stud in score: A in score: B Score: A Score: B 0 - - 60 62 1 7.5 14 67.5 76 2 6.5 5.8 74 81.8 3 4 5 6 I have lled the rst three rows for you as an example. Note that we do not have a marginal score when hours of study is 0. Please fill the table above first. Suppose your goal is to maximize the total points of the two subjects. How do you distribute your time (6 hours in total) before the exams start? (35%) Question 2. Suppose there are three consumers in a market, the amount of goods they are willing to purchase is listed in the following table. Units purchased Price Consumer 1 Consumer 2 Consumer 3 $10 O $8 $6 3 U $4 4 3 $2 5 4 Plot the market demand in a graph. Please remember that in economics, we use the vertical axis for price and the horizontal axis for quantity. (30%)Question 3. Suppose a firm gures the demand for its orange is given as Q=20-2P. Show this demand curve in a graph. Remember that in economics, the \"y\" and \"x\" are ipped. Q is on the horizontal axis. (If you feel confused, try plug some numbers into the equations to plot the line) If the price of apple increased, how would you expect the demand for orange to change? Show the shift of the demand in your graph. (do not worry about the scale, just show the direction) (35%)
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