Scarcity, Opportunity Cost, Name_Yen Pham Values and Choice Unfortunately, your math and econ professors have decided to give exams two days from now. You have assessed your schedule and determined that you have a total of 9 hours to study for both exams. Your problem is how to allocate your scarce resource of study time between these two tasks. Fortunately you are skilled at estimating time spent studying and exam results. The table below is what you've come up with. ECONOMICS MATH # of hours Expected # of hours Expected studied m studied w 0 0 0 0 1 26 1 24 2 48 2 44 3 61 3 62 4 73 4 75 5 83 5 84 6 91 6 9 l 7 97 7 96 8 100 8 100 A. Opportunity Cost. 1. \\Nhat is the opportunity cost of earning a 100 in Econ? I have only 1 hour left to study math and get only 24 score in math. 2. What is the opportunity cost of earning a 100 in Math? I have only 1 hour left to study Econ, so that I will get 26 score in Econ 3. What is the opportunity cost of going to the Movies and not studying at all? I will get 0 in Econ as well as Math