econ problem set 1

econ problem set 1 - Josh Mittleman 1 Josh Mittleman Econ...

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Josh Mittleman Josh Mittleman Econ 103 Sect. B Prof Friedman Fall 2007 1. a. There is a tradeoff between the two activities because there are a set amount of hours in a day. One cannot properly study while hanging out with friends so it a choice between one and the other. I think that 8 hours of a day is enough to get work done or go out with friends. In my graph the tradeoff is shown as equal because of the set number of hours. My location on the graph is at 6 hours of studying, 2 hours of partying. I chose this spot because it’s important to have a lot of study time so that I can get good grades. If I party more then study my grades will suffer and I might possibly get kicked out of the school. b. If I discover speed and each day is increased by an extra 8 hours then both axis would increase by 8 hours. The line would now shift to the right so that the ends were at the 16-hour mark of both axis. My new location on the line would be at 10 hours of studying, 6 hours of partying. If I studied 10 hours one day I think I would want to go out for a longer time. It is important to study, but it is also important to keep your head focused by hanging out with your friends and going out a little. Finding a balanced mix is the goal. c. If I were to take a smart pill that would make me learn faster and answer more questions correctly then I would be able to go out with my friends more and study
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This note was uploaded on 10/06/2008 for the course ECON 103 taught by Professor Voorheis during the Fall '08 term at UMass (Amherst).

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econ problem set 1 - Josh Mittleman 1 Josh Mittleman Econ...

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