Answer to Question #95121 in Microeconomics for kierra jackson

Question

How responsive are your grades to a change in the amount of studying you do? For example, if you increased your study time by 25%, how would your grades respond? State these estimates as elasticities. Are your estimates high or low? Would it be worth your while to study more for each class? Explain.

Answer 1

My grades are highly responsive to a change in the amount of studying I do. An increase in my study time by 25% will result in an almost equal improvement of my grades, say 20-25%. My estimates are high. Due to the high elasticity of my grades to study time, it would be worthwhile to stud more for each class. An increase in my study time results in a significant growth of my grades. Therefore, the more I study the better the grades.