a. Draw a production possibilities curve for the pleasure you get between hanging with friends and from doing your Economics problem set. Is there a tradeoff between these two? Why? How is the tradeoff shown in your graph?
b. What happens to the production possibilities frontier if you get a faster computer with economics-problem-set software? What happens if your favorite band comes to town and you know that it would be fun to see them with your friends?
c. Your parents will make you leave school and stop seeing your friends if you don't do well in Economics. Show the new PPF. Your Professor allows you to work together on the problem sets. Show the new PPF.