Problem
1. Using the PPF that you have graphed using the data in the preceding question, determine if the following combinations are attainable or not: (X = 3000,Y = 720), (X = 4800,Y = 480).
2. You and your partner are highly efficient people. You can earn $50 per hour in the workplace; your partner can earn $60 per hour.
(a) What is the opportunity cost of one hour of leisure for you?
(b) What is the opportunity cost of one hour of leisure for your partner?
(c) Now draw the PPF for yourself where hours of leisure is on the horizontal axis and income in dollars is on the vertical axis. You can assume that you have 12 hours of time each day to allocate to work (income generation) or leisure.
(d) Draw the PPF for your partner.
(e) If there is no domestic cleaning service in your area, which of you should do the housework, assuming that you are equally efficient at housework?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.