Economics 321 problem set 1
Total 20 points. (4 points) Production Possibility Frontiers: Studying or Socializing? (2 points) Draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your Economics problem set. Are these activities complementary or are they substitutes? Does it matter which friend you are studying with? How do you show a tradeoff between them in your graph? (1 point) […]