Draw a Production Possibilities Curve That Indicates How You Might

question 19

Essay

Draw a production possibilities curve that indicates how you might divide up 10 hours of study time between your economics and accounting midterm exams. Put expected grade in economics on the horizontal axis and expected grade in accounting on the vertical axis. If you don't study at all, you expect to make a 70 on both exams. For every one additional hour of studying economics, your exam grade rises by 3 points. The same is true for accounting.
a. What is the opportunity cost of studying one extra hour for your economics exam?
b. What is the opportunity cost of studying one extra hour for your accounting exam?
c. Can the production possibility curve shift? Explain.

---

Definitions:

Class 6

A classification referring to a medium-duty commercial truck as defined by the Department of Transportation, generally having a gross vehicle weight rating (GVWR) between 19,501 and 26,000 pounds.

Independent Trucker

An independent trucker is a self-employed truck driver who operates their own trucking business, often contracting with companies to transport goods.

Owner-Operator

An individual who owns and operates their own business or equipment, particularly common in the trucking and logistics industries.

Electrical Systems

networks of electrical components connected together to carry out specific functions, such as in vehicles or buildings.