Econ Lab 1 . 1-27-08

Econ Lab 1 . 1-27-08 - Your Time Your Opportunity Cost Your...

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Unformatted text preview: Your Time, Your Opportunity Cost Your Lab Report: 1. What were the x and y intercepts on each of the following graphs? What point did you choose? A. Awake/Asleep Choice-X Intercept =24. Y Intercept =24 Point chosen= (7,17) B. Schoolwork/All Other Activities Choice-X Intercept =17. Y Intercept =17 Point chosen= (9,17) 2. What two activities did you model for your third (schoolwork) graph? What were the intercepts and the choice on that graph? –For the third graph I modeled Homework vs. Time spent in class during the week. The X Intercept was 16 and the Y intercept was 16. The point chosen was (16,10) Economic Relevance: 3. Suppose you wanted to sleep one more hour. What would that “cost” you in terms of schoolwork and other activities? You must “feed” that hour through each graph. If I were to sleep an extra hour it would cost me either an hour of free time or an hour of...
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This note was uploaded on 04/09/2008 for the course ECON 106 taught by Professor K during the Spring '08 term at New Mexico.

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Econ Lab 1 . 1-27-08 - Your Time Your Opportunity Cost Your...

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