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A student decides that, having already spent three hours studying for an exam, she should spend one more hour studying for the same exam
A student decides that, having already spent three hours studying for an exam, she should spend one more hour studying for the same exam.
Which of the following is most likely true?
A. The marginal benefit of the fourth hour is certainly less than the marginal cost of the fourth hour.
B. The marginal benefit of the fourth hour is at least as great as the marginal cost of the fourth hour.
C. Without knowing the student's opportunity cost of studying, we have no way of knowing whether or not her marginal benefits outweigh her marginal costs.
D. The marginal cost of the third hour was likely greater than the marginal cost of the fourth hour.
E. The marginal benefit of the third hour was less than the marginal cost of the third hour.
Expert Solution
A student decides that, having already spent three hours studying for an exam, she should spend one more hour studying for the same exam.
Which of the following is most likely true? (B) The marginal benefit of the fourth hour is at least as great as the marginal cost of the fourth hour. The student will decide to study for the fourth hour as long as there is a non-negative change in net benefits from doing so. That is, the student will study for that fourth hour as long as the benefit from studying that additional hour (the marginal benefit) is greater than or equal to the cost of studying for that fourth hour (the marginal cost).
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