Please answer the following question. This is from a mircoeconomics class. You a
ID: 1142384 • Letter: P
Question
Please answer the following question. This is from a mircoeconomics class.
You are an avid piano player, when you are choosing how much time to allocate to practice:
A. What incentives affect your decision?
B. Does the decision depend on how much money you have?
C. Does the decision depend on whether you have a quiz or an exam coming up in your mircoeconomics course?
D. If your mircoeconomics instructor changed the rules of the course—for example, by canceling the final exam—would your choice change?
E. What would the opportunity cost be if you practiced two more hours on a particular night?
Explanation / Answer
A.My grades in the upcoming examination and my future as a pianist affect my decision.
B.Not really.If I allocate more time to study,I will get good grades.If I allocate more time to piano, I'll be a better musician.Money diesndo really has a role here.
C.Yes,If i have an upcoming exam then illI surely dedicate more time to study.
D.Since the exam has been postponed,I can allocate more time to study later and more to piano now.
E.2 hours of studying time lost because i couldvco have studies during the time I practiced.