Question

1. Suppose you must divide your time between studying for your math final and writing a final paper for your English class. The fraction of your time that you spend studying math and its relation to your grade in the two classes is given in the table below.

Fraction of Time                           Math                      English

Spent on Math

      0                                              0                                  97

      20                                            45                                92

      40                                            65                                85

      60                                            75                                70

      80                                            82                                50

      100                                          88                                0

1. Draw a tradeoff curve for the Math grade versus the English grade.
2. What is the opportunity cost of increasing the time spent on math from 80 to 100 percent? What is the opportunity cost of increasing the time spent on Math from 60 to 80 percent?
3. Are there increasing opportunity costs from spending more time on Math? Explain.
4. What can you do to get a 92 in both subjects? Explain.

Answer 1

Possibility frontier is shown