Total Hours Hours Studying GPA Hours working Income
60 60 4.0 0 0
60 40 3.0 20 100
60 30 2.0 30 150
60 10 1.0 50 250
60 0 0.0 60 300
(a) Calculate the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 grade point average(GPA) rather than a 2.0 GPA.
(b) 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 2.0 GPA.
(c) What is the opportunity cost of an increase in income from 100 to 150.