Posted by Anonymous on Friday, September 25, 2009 at 12:19pm.
Points on the graph:
a) According to the PPF, Person A has ___ hours to allocate between work and leisure.
b) Between points C and E, the opportunity cost of earning an additional $10 income is ___.
c) Between points C and A, the opportunity cost of one hour leisure is ___ in forgone income.
a) 8 (I looked at point C and did the slope of the point...)
b) 0 (I think it's 0 because no opportunity lost over leisure??)
c) $10 (took the difference between the points--basically rise/run and got $10...)
Are my answers correct? If not, please correct them? Thanks.
- Economics - PPF - economyst, Friday, September 25, 2009 at 7:02pm
Unfortunately, I am having trouble visualizing the graph. what are on each axis? Is the PPF on the graph drawn? Are you given a wage rate?
b) is unlikely to be right as about everything we do has an opportunity cost, including giving up leisure time.
- Economics - PPF - Anonymous, Friday, September 25, 2009 at 7:15pm
Wage rate is not given, hours (leisure) on x-axis, income (work) on y-axis
Answer This Question
More Related Questions
- economics - (Growth and the PPF) Use the production possibilities frontier (PPF...
- economics - Why does PPF become a straight line? When it becomes a curve? When ...
- economics - With a fixed amount of resources, 20 units of computers or 30 units ...
- economics - 18. (Shifts in the PPF) Terrorist attacks foster instability and may...
- 5th grade math - points that lie o the same line are called collinear points. ...
- economics - Why or when is a ppf curve biased?
- physics - please hellp - I need help with two questions: 1) An object can only ...
- economics - Under what condition is ppf linear rather than bowed out?
- Physics please help - The difference in potential between any two points in a ...
- Precalculus - he distance between 2 points (x1,Y1) and (x2,y2) is given by d = ...