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a. Suppose you are studying S hours, what is the opportunity cost of the last hour of study [For example, if you are studying 2 hours then what is the opportunity cost of that Ziﬂhourof work)? b. What is another term that economists might use instead of ‘incremental’? c. Complete the following table: Hours Studyinlncremental Value Incremental Cos . ————————— (1. Draw a graph with hours on the horizontal axis and incremental value / cost on thevertical axis. Draw the two lines describing the incremental value of studying and the incremental cost of studying. e. Using the graph, what is the optimal level of study?

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