Optimal Time Allocation without an Interior Solution
A student has a total of 10 hours to allocate between studying for an exam and leisure. For any possible allocation of time, the student determines that the marginal value of an additional hour of studying (in terms of expected grade improvement) is always greater than the marginal value of an additional hour of leisure. Analyze this situation to determine the student's optimal time allocation. In your response, explain why the typical method of finding an optimum by equating the marginal values of the two activities is not applicable here, and describe the reasoning for the optimal choice.
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