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combinations and then draw a line to connect them. Explain where you operate on your PPF and why. What

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.2: Trade-offs

Problem 3R

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Question

Think about your own life. Maybe you are willing to spend 50 or 60 hours a week between school and work. Maybe you take care of young children and have a lot of home life responsibilities and you only spend 20 hours between school and work. Draw your own personal Production Possibilities Frontier (PPF) for time spent doing school and work. Remember to plot out multiple possible combinations and then draw a line to connect them. Explain where you operate on your PPF and why. What are some of the opportunity costs you have to weigh to determine where you will operate along your personal PPF curve?

Definition Definition Curve that represents the various combinations of production possibilities of two commodities when resources or factors of production are given.

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