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Economics 103Professor FriedmanSpring 2014Your Name(s): Layla Fahoum.Your TA: Myles Day.Your Section Time and Day: Friday (12:20-1:10) .Problem Set 1Due Date: Feb 19thHand in hard copy to your TAs mailbox, 8th floor of Thompson HallDo not submit answers on line through MoodleNote that there are two types of problems. You are encouraged to work with someone else inyour TA section on the quantitative problems (1, 2); hand in one set of answers to this problemswith both your names. Do the essay questions individually (3, 4, 5) and append separateanswers with each persons name for these along with your group answers to the quantitativequestions. Type your answers; staple pages together.Total 20 points.1. (6 points) Production Possibility Frontiers: Bread or Pastriesa. (2 points) Draw a production possibilities curve for your bakery with one ovenbetween baking bread and pastries. Is there a tradeoff between these two? Why?How is the tradeoff shown in your graph? (Make sure you label you axes.)Bread100Graph for PPF for Breadand PastryA7030BPPF3070100PastryThe graph shows what would happen if there is only oneoven between baking bread

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