Exhibit 2-1 Refer to Exhibit 2-1.A student has only a few hours to prepare for two different exams this afternoon.The above table shows alternative possible exam scores with three alternative uses of the student's time.The opportunity cost of scoring a 94 on the economics exam rather than a 77 is:

Question

Exhibit 2-1  Refer to Exhibit 2-1.A student has only a few hours to prepare for two different exams this afternoon.The above table shows alternative possible exam scores with three alternative uses of the student's time.The opportunity cost of scoring a 94 on the economics exam rather than a 77 is:

Quizplus · Accepted Answer

The opportunity cost of scoring a 94 on economics exam rather than a 77 is the difference between the scores of history exams associated with these two outcomes.

Opportunity cost = 85 (history score associated with 94 on economics exam) - 70 (history score associated with 77 on economics exam) = 15.

Therefore, the student would lose 15 points on the history exam if they choose to score 94 on economics exam rather than 77.

Among the three alternatives, the best choice for the student would be to score 77 on economics exam and obtain a history score of 70 and use the spare time to score 80 on psychology exam. This alternative provides the highest combined score of (77+70+80) = 227.