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The following numbers measure the tradeoff betweengrades and income:TotalHoursHoursStudying GPAHoursWorking Income60 60 4.0 0 $060 40 3.0 20 $10060 30 2.0 30 $15060 10 1.0 50 $25060 0 0.0 60 $300a. Calculate the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 grade point average (GPA) rather than a 2.0 GPA.b. Is the opportunity cost the same for a move from a 0.0 GPA to a 1.0 GPA as it is for a move from a 1.0 GPA to a 2.0 GPA?c. What is the opportunity cost of an increase in income from $100 to $150?
Suppose a second individual has the followingtradeoffs between income and grades:TotalHoursHoursStudying GPAHoursWorking Income60 50 4.0 10 $6060 40 3.0 20 $12060 20 2.0 40 $24060 10 1.0 50 $30060 0 0.0 60 $360a. Define comparative advantage.b. Does either individual (the one in exercise 4 or the one in exercise 5) have a comparative advantage in both activities?c. Who should specialize in studying and who should specialize in working?
Plot the PPC of a nation given by the following data.Combination Health CareAll OtherGoodsA 0 100B 25 90C 50 70D 75 40E 100 0a. Calculate the marginal opportunity cost of each combination.b. What is the opportunity cost of combination C?c. Suppose a second nation has the following data.Plot the PPC, and then determine which nation has whether the two nations can gain from specialization and trade.Combination Health CareAll OtherGoodsA 0 50B 20 40C 40 25D 60 5E 65 0
A credit card company wants your business, If you accept their offer and use their card, they will deposit 1% of your monetary transactions into a savings account that will
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Deluxe Carpeting a leading manufacturer of carpeting sold 28 million square yards of carpeting at a price of $16 per yard. This year, GNP per capita is expected to fall from
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