Consumer preferences, utility, optimization.

 3. Who you will write for Your friend is asking your opinion about her course choice next semester and how it would impact her study plan. She is not an economist, but she is smart and understands basic economics ideas when they are well explained. She is relying on your economic analysis, but she expects a clear and concise answer in plain English without the use of jargon. You must use only words: no graphs, tables, equations or bullet points. 4. What you will write about Your friend is taking 5 courses next semester, of which 2 are electives. One elective is History and the other is French. In total, she has dedicated 16 hours per week for studying for her 2 elective courses. However, your friend is thinking of switching French for Hungarian. She has some experience with French, but no experience with Hungarian, so learning Hungarian would be more difficult for her. All she cares about is her final grades in the courses. She wants to have high grades in both electives and her grades usually improve with more study time. If she switches, she tells you she thinks she will split her sixteen hours of study time between History and Hungarian the same way she was planning to split her study time between History and French, but she wants to know if you think keeping her study plan unchanged is a good idea. 5. Assignment Your friend wants your economic opinion on her study plan if she switches courses. In plain English, use your economic reasoning from ECO206 to explain if you agree or disagree with her plan to keep the same study schedule for her two elective courses if she switches from French to Hungarian. Fully explain why you agree or disagree. Your economic reasoning should use ECO206 concepts. You must be clear about the strengths and weaknesses of your position. Attempt to convey the conditions under which your arguments hold (i.e. assumptions) and any potential missing elements.

 
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