You have exams in economics and chemistry coming up, and you have 5 hours available for studying.

Question:

You have exams in economics and chemistry coming up, and you have 5 hours available for studying. The following table shows the trade-offs you face in allocating the time you will spend studying each subject:

Hours Spent Studying Midterm Score Choice Economics Chemistry Economics Chemistry 95 70 5 в 4 1 93 78 3 90 84 3 86 88 4

a. Use the data in the table to draw a production possibilities frontier graph. Label the vertical axis "Score on economics exam," and label the horizontal axis "Score on chemistry exam." Make sure to label the values where your production possibilities frontier intersects the vertical and horizontal axes.
b. Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score by 4 points?
c. Under what circumstances would choice A be a sensible choice?

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,...