Question

Professor Goodheart has two exams, exam 1 and exam 2. The exam 1 weights 40% and the exam 2 weights 60% of the final grades. Put the grades on the exam 1 on the horizontal axis and the grade on the exam w on the vertical axis. What kind of preference a student should have for these two grades

Answer 1

Answer:

Imperfect substitutes

explanation:

The choices above are not perfect substitutes, meaning they can not be perfectly or directly replace the other. Imperfect substitutes are close substitutes but not perfect substitutes. Unlike perfect substitutes, imperfect substitutes satisfies same utility but has different characteristics and therefore not entirely substitutable. For example, while one may want to have the 40 marks too, he'd rather have 60 marks even if the criteria for a 60 mark score was increasingly hard.