MACRO ECON 6
MACRO ECON 6
6th Edition
ISBN: 9780357689820
Author: MCEACHERN
Publisher: CENGAGE L
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Chapter 2, Problem 7P

(a)

To determine

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

b)

To determine

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

c)

To determine

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

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(d) Calculate the total change in qı. Total change: 007 (sp) S to vlijnsi (e) B₁ is our original budget constraint and B2 is our new budget constraint after the price of good 1 (p1) increased. Decompose the change in qı (that occurred from the increase in p₁) into the income and substitution effects. It is okay to estimate as needed via visual inspection. Add any necessary information to the graph to support your 03 answer. Substitution Effect: Income Effect:
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