Dr. X, an assistant professor at a large state university, is trying to decide how to allocate the 50 hours a week she spends working among the various activities expected of an assistant professor. The professor wants to maximize her raise next year and the table shows estimates of how time spent in each activity will contribute to her raise: Hours Per Week Total Amount of Raise From: Research 14 15 16 17 Teaching $200 400 550 675 775 850 900 905 18 University Service $400 450 490 525 555 570 580 585 $200 250 295 320 340 19 355 20 365 21 370 Given the information in the table, if she decides that she will work 54 hours a week instead, how should she allocate her time? Multiple Choice 18 hours research, 18 hours teaching, 18 hours service 21 hours research, 19 hours teaching, 14 hours service 20 hours research, 17 hours teaching, 17 hours service 20 hours research, 18 hours teaching, 16 hours service

Imagine a very talented young person who has just graduated from high school and has been offered a 4-year contract worth ten million dollars to play professional basketball for the LA Bakers, and has also received an offer of acceptance to UCLA with full fellowship. The fellowship covers her tuition, room, and board, along with a generous monthly stipend of 2500 dollars for living expenses for 4+1 years. Which of the following is true for this scenario? ( Remember: the cost of something is what you give up to get it!)A) The cost of the four years of college education for this person is very high, in the range of millions of dollars.B) The cost of the four-years of college education for this person is almost zero because of the generous fellowship and financial aid package she has received.C) The cost of the four years of college education for this is person is the sum of the tuition, room, and board expenses, plus the monthly stipend of 2500 dollars for 4 years.D) The rational choice…

10. An isoprofit curve will have which of the following properties? (a) If an extra unit of capital is used, output will rise by AQ = MP₁AL (b) If an extra unit of capital is used, the value of the extra output produced would be PMPKAK (c) If profits are being maximised, then profits can only be increased by using a different combination of inputs (d) If an extra unit of capital is used, the cost of producing the extra output produced will be rAKMPK (e) Profit maximisation will occur where the marginal rate of substitution is greater than the ratio of prices.