Suppose theres a relationship of the following sort between study time and grades: If you have only

Question:

Suppose there€™s a relationship of the following sort between study time and grades:

(b). (c) (e) (a) (d) Study time (hours per week) Gradepoint average 2 1.0 12 20 3.0 2.0 4.0 If you have only 20 hours per week to use for either study time or fun time,

(a) Draw the (linear) production possibilities curve on the graph below that represents the alternative uses of your time.

(b) Indicate on the graph the point C that would get you a 2.0 grade average.

(c) What is the cost, in lost fun time, of raising your gradepoint average from 2.0 to 3.0? Illustrate this effort on the graph (point C to point D).

(d) What is the opportunity cost of increasing your grade point average from 3.0 to 4.0? Illustrate as point D to E.

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,...