Suppose you have midterms in economics and astronomy tomorro…
Suppose you have midterms in economics and astronomy tomorrow and you only have four hours left to study. The accompanying table provides the combinations of time spent studying economics and astronomy and your expected exam score Hours spent studying Economics Economics Exam Score Hours spent studying Astronomy Astronomy exam score 0 60 4 92 1 80 3 90 2 90 2 87 3 95 1 83 4 98 0 70 a) what is the opportunity cost of studying 2 hours for your economics exam, rather than 1? b) if your goal is to maximize your average score for both exams, which combination should you choose? c) If you decide to major in astronomy, would that change the numbers of hours you would allocate to each course? Explain in terms of marginal benefits and marginal costs.