At a local university, the academic dean has informed the chairperson of the economics department that...

    

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At a local university, the academic dean has informed the chairperson of the economics department that she must schedule 8 different graduate classes and 18 different undergraduate classes. Currently, the department has 8 full-time faculty and no part-time faculty. There is no money for faculty to teach an overload course. A full load for a faculty is 3 courses per semester, either undergraduate or graduate or some mixture. a) Draw a production possibility frontier that reflects the department chairperson's dilemma. In this case, what are the "goods" that a faculty member provides? b) What problem does the chairperson face? What is the closest she can come to meeting the Dean's directive? At a local university, the academic dean has informed the chairperson of the economics department that she must schedule 8 different graduate classes and 18 different undergraduate classes. Currently, the department has 8 full-time faculty and no part-time faculty. There is no money for faculty to teach an overload course. A full load for a faculty is 3 courses per semester, either undergraduate or graduate or some mixture. a) Draw a production possibility frontier that reflects the department chairperson's dilemma. In this case, what are the "goods" that a faculty member provides? b) What problem does the chairperson face? What is the closest she can come to meeting the Dean's directive?

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a The production possibility frontier PPF in this context reflects the tradeoff between teaching gra... View the full answer