Jerry Is Studying Three Nights Per Week and His Grade

question 148

Essay

Jerry is studying three nights per week and his grade point average is 3.1. He wants a higher GPA and decides to study an extra night each week. His GPA now rises to 3.5. Had Jerry not decided to study an extra night, he would have spent this night with his friends. What is Jerry's marginal benefit from studying for one additional night a week? What is his marginal cost of increasing the study time by one night per week? Why does Jerry decide to study an extra night?

---

Definitions:

Comparative Advantage

An economic principle that refers to the ability of an entity to produce goods or services at a lower opportunity cost than others, leading to more efficient trade.

Geegaws

Small, showy trinkets or novelty items.

Doodads

Informal term for small gadgets or devices, often novel or unnecessary; not a standard economic term.

Pareto Optimal

An economic state where resources are allocated in such a way that it is impossible to make any one individual better off without making at least one individual worse off.