Question

Think about some of your daily activities.
Write down the trade offs that you make between these activities.
For example, going for a walk vs. going grocery shopping.
Studying for two different classes.
Would you best illustrate these choices with a concave or linear production possibility curve?
Explain why you chose your answer and post your results in 250 words.

Solution Preview

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When we proceed with our daily activities, time is a major constraint for us since it is limited to 24 hours and excluding the sleeping time and time allocated for routine work, we have limited time to pursue our goals and objectives and how we spend that time in various activities, we need to have a tradeoff between the choices we make. For example when we try to study on two courses, money might be a constraint, but more than that, time becomes a problem...

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