ECON MICRO
ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Concept explainers

Question
Chapter 2, Problem 3.7P

(a)

To determine

To graph: The PPF for studying and partying and label the axes, point of intersect and all other relevant points.

Concept Introduction:

PPF: It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs

(b)

To determine

The meaning of shift of PPFand the adjustments needed to be incorporated in the personal life to make such PPF shift.

Concept Introduction:

PPF: It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs.

(c)

To determine

The reason for the outward shift of PPF and whether the shift would be parallel one.

Concept Introduction:

PPF: It is a curve which shows the maximum possible output of two goods with the given set of efficiently used inputs

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