Homework Set 1 Eco 304 K

Homework Set 1 Eco 304 K - Homework Set 1 Chapters 1 2 Eco...

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Homework Set 1: Chapters 1 & 2 Eco F304K Summer, 2008 Due Date: 6/12/08   Chapter 1: Thinking Like An Economist 1. You have four hours this evening to devote to studying either economics or physics. You will spending  the time studying and there is no additional time tonight for studying. The table below shows your scores  on the upcoming economics and physics tests for different amounts of studying tonight. Hours Spent Studying Economics Subject 0 1 2 3 4 Economics 75 85 90 93 94 Physics 90 85 75 60 40 A. What is the limited resource in this problem? B. The opportunity cost of spending the first hour studying economics is _____. The fourth hour is ____. C. The opportunity cost of spending the third hour studying physics is _____. D. Fill in the values in the following table. Hours Spent Studying  Economics Marginal Benefit Marginal Cost 1 2 3 4 E. The optimal number of hours to spending studying economics is ____ and ______ for physics.
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