Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The ECON7030 final exam is coming soon. The exam consists of two parts, i.e., part A and part B. There are a total of QA
The ECON7030 final exam is coming soon. The exam consists of two parts, i.e., part A and part B. There are a total of QA and @g questions in parts A and B. respectively. As a student, you only care about the total combined marks you receive from all the correct answers from part A and part B. Each correct answer from part A and part B is worth ox and ag marks, respectively. It takes you A minutes to correctly answer one question in part A and s minutes to correctly answer one question in part B. For any question that you attempt, you will get some marks depending on the time spent on the question. For example, if you spend 0.28, minutes to answer one question in part A, you will receive 0.204 marks. Let qA be your total correct answers from part A, and 9g be 2 your total correct answers from part B. The total duration of this exam is M minutes. Apply the consumer optimisation model to this problem. (a) Write down your total marks in the exam as a function of qA and qg. Hint: Treat this function as your utility function.] (b) Given BA, BB, and M, write down the feasible set of correct answers in each part, (4A, 98). [Hint: Treat this set as your budget set/ constraint.] (c) Find the additional marks gained from each minute spent on a question in part A. Find the additional marks gained from each minute spent on a question in part B. (d) Suppose that M
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started