econ problem - Production

[DarkManX]

can someone help me figure out this econ problem?

"each problem on an exam is worth 20 points. Suppose that from the last seconds you devoted to problem 10 on the exam you earned 2 extra points, while from the last seconds deted to problem 8 you eanred 4 extra points. The total number of points you earned on these two problems were 8 and 6, respectively, and the total time you spent on each was the same. How if at all, should you have reallocated your time between them?"

 

[fishmonger12]

Are you sure you're quoting the problem verbatim?

Edit: I'm assuming you would set up a production function then maximize it with respect to the two exam questions using the Lagrangean. The meaning of the whole "points earned in the last seconds thing" seems kind of obscure.

 

[DarkManX]

Originally posted by: fishmonger12
Are you sure you're quoting the problem verbatim?

Edit: I'm assuming you would set up a production function then maximize it with respect to the two exam questions using the Lagrangean.

yep

 

[fishmonger12]

The problem is you don't know how the two are related. Assuming they are independent of each other, then it would be what's called a "corner solution," ie, you either spend all of your time on one or the other. If they aren't independent you would need to be given the production function to determine the optimal time spent.

Also, you don't know if the relationship between time spent and points is linear, exponential, etc. The problem is poorly worded and also makes a lot of assumptions which would only be known to you as you are the one in the class.

Bottom line do your own homework --.--