may 17 2004 practice problems for midterm 1 anna marie loves playing video games and tennis she allots 8 hours per day to these two activities it takes her 2 play one match of hour finish game graph s budget constraint think about what income is the price a or calculate slope write down equation line on draw indifference curve that represents highest attainable level utility can reach given marginal rate substitution be represented by following how much time should spend videogames ok spent fraction an doing any activity in month monica knit 5 sweaters 9 scarves production possibilities frontier does this ppf exhibit principle increasing costs opportunity cost knitting more sweater only variables non numbers
