Harry usually spends 10 hours a week either playing Football or study economics courses. His Economics...

  

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Harry usually spends 10 hours a week either playing Football or study economics courses. His Economics exam is coming next week and he needs more time to study for the exam. If he does not study at all, the lowest grade he will receive is 11. But Harry realizes that this grade is unacceptable and so he has to give up some of his Football time. But how much? He asks his friend Hermione, who is very good at Magical Economics, to help him figure this out. Together, they come up with the schedules of Harry's possibilities and values in the tables above. Then Hermione quickly finds the solution. But Harry still looks puzzled. Help Hermione to explain her solution to Harry. Draw Harry's production possibilities frontier with the Football hours on the horizontal axis and Harry's grade on the vertical axis What is the opportunity cost of the first hour of playing Football? What is the marginal cost of the 5th hour of playing football? What is Harry's opportunity cost of raising his grade from 49 points to 75 points? playing football Now, draw Harry's marginal cost of playing Football curve. What is the marginal cost of playing football from 2 hours to 3 hours? If he wants to improve his football skill from level 5 to level 8, what is Harry's opportunity cost he has to pay? O If Harry follows her advice to pass the class at least 70 points, what is the minimum hours he need to study? hours Hours of playing football 0 1 2 3 4 5 6 7 8 9 10 Grade 88 87 85 81 75 68 59 49 37 23 8 Football Skill Gain 1 2 3 4 5 7 8 9 10 11 12 Harry usually spends 10 hours a week either playing Football or study economics courses. His Economics exam is coming next week and he needs more time to study for the exam. If he does not study at all, the lowest grade he will receive is 11. But Harry realizes that this grade is unacceptable and so he has to give up some of his Football time. But how much? He asks his friend Hermione, who is very good at Magical Economics, to help him figure this out. Together, they come up with the schedules of Harry's possibilities and values in the tables above. Then Hermione quickly finds the solution. But Harry still looks puzzled. Help Hermione to explain her solution to Harry. Draw Harry's production possibilities frontier with the Football hours on the horizontal axis and Harry's grade on the vertical axis What is the opportunity cost of the first hour of playing Football? What is the marginal cost of the 5th hour of playing football? What is Harry's opportunity cost of raising his grade from 49 points to 75 points? playing football Now, draw Harry's marginal cost of playing Football curve. What is the marginal cost of playing football from 2 hours to 3 hours? If he wants to improve his football skill from level 5 to level 8, what is Harry's opportunity cost he has to pay? O If Harry follows her advice to pass the class at least 70 points, what is the minimum hours he need to study? hours Hours of playing football 0 1 2 3 4 5 6 7 8 9 10 Grade 88 87 85 81 75 68 59 49 37 23 8 Football Skill Gain 1 2 3 4 5 7 8 9 10 11 12

Answer rating: 100% (QA)

Answer To help Harry understand the solution provided by Hermione lets break down the key concepts and calculations involved Production Possibilities ... View the full answer