Economy, asked by samjotha, 4 months ago

1. Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.
She spends 5 hours per day studying,
a. Draw Maria's production possibilities frontier for reading economics and sociology.
b. What is Maria's opportunity cost of reading 100 pages of sociology?
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Answers

Answered by patel1011jagdish
3

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Answered by madeducators11
8

Production Possibilities Frontier for reading economics and sociology.

Explanation:

a.) For economics, Maria can read 20 x 5 = 100 pages in 5 hours (the vertical intercept)

For sociology, she can read 50 x 5 = 250 pages in 5 hours. (the horizontal intercept)

Refer to the attached pic below for Production Possibilities Frontier

The Production Possibilities Frontier is a straight line as time costs are constant .

b.) The opportunity cost of Maria considering pages of sociology per page of economics would be \frac{100}{40} pages per hour. This is \frac{10}{4} pages of sociology per page of economics. Simply, her opportunity cost of reading 100 pages of sociology is reading 40 pages of economics. Thus, opportunity cost is 40 pages of economics in 2 hours.

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