The following numbers measure the tradeoff between grades and income: Total Hour

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The following numbers measure the tradeoff between grades and income: Total Hours Hours Studying GPA Hours Working Income 60 60 4.0 0 $0 60 40 3.0 20 $100 60 30 2.0 30 $150 60 10 1.0 50 $250 60 0 0.0 60 $300 a. 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? 5. Suppose a second individual has the following tradeoffs between income and grades: Total Hours Hours Studying GPA Hours Working Income 60 50 4.0 10 $60 60 40 3.0 20 $120 60 20 2.0 40 $240 60 10 1.0 50 $300 60 0 0.0 60 $360 a. 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? 7. Plot the PPC of a nation given by the following data. Combination Health Care All Other Goods A 0 100 B 25 90 C 50 70 D 75 40 E 100 0 a. 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 the comparative advantage in which activity. Show whether the two nations can gain from specialization and trade. Read more: 4. The following numbers measure the tradeoff between grades - JustAnswer http://www.justanswer.com/homework/4sntn-4-following-numbers-measure-tradeoff-grades.html#ixzz2A9pe765N

Explanation / Answer

The following numbers measure the tradeoff between grades and income: Total Hours Hours Hours Studying GPA Working Income 60 60 4.0 0 $ 0 60 40 3.0 20 $100 60 30 2.0 30 $150 60 10 1.0 50 $250 60 0 0.0 60 $300 Total Hours Hours Hours Studying GPA Working Income 60 50 4.0 10 $ 60 60 40 3.0 20 $120 60 20 2.0 40 $240 60 10 1.0 50 $300 60 0 0.0 60 $360 a. 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?

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