Task:
Total Hours Hours Studying GPA Hours Working Income
60 60 4.0 0 $0.00
60 40 3.0 20 $100.00
60 30 2.0 30 $150.00
60 10 1.0 50 $250.00
60 0 0 60 $300.00
Question 1: Calculate the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 GPA rather than a 2.0 GPA.
Question 2: Is the opportunity cost the same for a move from a 0.0 GPA to a 1.0 GPA as it is for a move from a 1.0 GPA to a 2.0 GPA?
Question 3: What is opportunity cost of an increase in income from $100 to $150.00