1. Anthony can read 20 pages of economics in an hour. He can also read 50...
1. Anthony can read 20 pages of economics in an hour. He can also read 50 pages of sociology in an hour. He spends 5 hours per day studying.
a. Draw Anthony’s production possibilities frontier for reading economics and sociology.
b. What is Anthony’s opportunity cost of reading 100 pages of sociology?
c. In the diagram in part a. above, indicate an example of a combination of economics and sociology pages in which Anthony would be using his time inefficiently if he chose that combination?
Homework Answers
Here, then PPF shows Anthony
reading capacity, he can read 20 pages of economics or 50 pages of
sociology in an hour, Point E represents the inefficient point
because at that point he will not be using his capacity fully.
b) His opportunity cost of reading 100 pages of sociology will be 40 pages of economics.
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