question 1) If Tim spends all his time on homework he can answer 20 questions. I
ID: 1164390 • Letter: Q
Question
question 1) If Tim spends all his time on homework he can answer 20 questions. If he instead spends his time reading, hour #1 of reading has an opportunity cost of 3 questions, hour #2 of reading has an opportunity cost of 4 questions, and hour #3 has an opportunity cost of 6 questions. If Tim spends 3 hours reading, how many questions can he answer?
-14 questions
-13questions
-4.33 questions
-7 questions
question 2)Suppose that an economy producing 200 barrels of oil can also produce 400 shirts. If this economy produces 100 barrels of oil it can also produce 500 shirts. Assuming a realistically shaped PPC, how many shirts can it produce if it produces 300 barrels of oil?
-250 shirts
-600 shirts
-300 shirts
-350 shirts
Explanation / Answer
1)
Right answer is (14) questions.
Reading of 3 hours has an opportunity cost of 6 questions. While in his all time, he is able to answer 20 questions. Hence, questions he can answer is 20 -6 = 14.
2)
Right answer is : 300 shirts
Here total quantities being produced is 600 units, hence most prudent answer seems to be 300.
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