Consider the Most Constrained Resource You Have: Your Time

question 33

Essay

Consider the most constrained resource you have: Your time.The bottleneck is 24 hours (the amount you - and everyone else - has in any given day).After considering time spent sleeping,eating,and working,you are left with eight hours per week of extra time,which you may spend studying for the CPA exam or playing the piano.
As a CPA,your potential earnings per hour are $125.00,while as a pianist your potential earnings per hour are $55.00.The variable cost per direct labor hour of your time is $25.00.
a.Based on the data in the table above,how many hours should you spend studying each week? (Pretend the available hours are consecutive hours. )
b.You find you retain less information the longer you study,such that the variable cost of each hour of studying actually doubles with each additional hour spent studying.Given this new information,how many hours should you spend studying each week? (Pretend the available hours are consecutive hours. )

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