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ECON 1010 (200)
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Department
Economics
Course
ECON 1010
Professor
Dr.o'shaughnessy
Semester
Fall

Description
Lecture 3 ECONOMICS 1BB3: Why doesn’t Sidney Crosby mw his own lawn? The Production Possibilities Frontier (PPF) • PPF: The combinations of output that the economy can produce given the available factors of production and production technology • Autarky: no trade • Feasible: A combination that lies on the PPF or inside the OPPF • Infeasible: A combination that lies above the PPF • Efficient: In order to get more of on good, you must give up some of the other good Suman Kang September 13, 2013 Lecture 4 ECONOMICS 1BB3: SHOULD YOU AND YOUR ROOMMATE DIVIDE HOUSEHOLD CHORES EVENLY? • Example 1 o There are 2 interior decorators who can paint and wallpaper. They have 40hr work weeks. Martha can paint 20 rooms or wallpaper 5 rooms, Stewart can paint 10 rooms or wallpaper 8 rooms  PPF  Table (# done in 40 hrs) • Martha-Paint=20 Wallpaper=5 • Stewart-Paint=10 Wallpaper=8  Table (# hrs needed to do 1 room)  Opportunity cost o
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