00:01
Here we're working with production possibilities frontiers, and we're specifically working with an example in which we have a student named maria who studies for a total of five hours each day.
00:10
We're given that she can read in one hour 20 pages of economics or 50 pages of sociology.
00:16
What we'd like to do first is graph this production possibilities frontier.
00:20
So let's start by determining what our intercept would be.
00:23
You can see that i've labeled our x -axis as our econ readings and our y -axis as our sociology readings.
00:28
And let's go ahead and determine what these intercepts would be.
00:32
So we know that for our econ intercept, this would be our x intercept down here.
00:36
That's going to exist when we are spending zero time on sociology.
00:42
So to do that, let's assume that maria spends all of her time, all those five hours on economics.
00:48
We're told that she can read 20 pages of economics per hour.
00:52
And here she's spending five hours doing it...