Suppose you have upcoming exams in chemistry, economics, and psychology. How would you use the utility-maximizing rule to allocate your study time to each subject?

Question

Quizplus · Accepted Answer

The utility-maximizing rule suggests allocating resources (in this case, study time) so that the marginal utility per unit of resource expended is equal across all activities. This means adjusting study time so that the last hour spent studying each subject yields the same amount of additional utility (or benefit), ensuring the most efficient use of your study time.

Suppose You Have Upcoming Exams in Chemistry, Economics, and Psychology