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Answer :
This means that if Pete spends some of his time writing weblog entries, he can still have 3 conversations with friends while efficiently using his time.
Based on Pete's PPC curve, it seems that he can have a maximum of 6 conversations with friends if he spends all his time staying in touch via phone.
However, if he plans to write four entries to his weblog during the week, he will have to allocate some of his time to that task. This means that he will have to sacrifice some conversations with friends.
To determine how many conversations he can have while still efficiently using his time, we need to find the point on the curve where the marginal rate of substitution (MRS) is equal to the ratio of the time he spends on each activity.
The MRS represents the amount of one activity (in this case, staying in touch via phone) that Pete is willing to give up in order to gain one unit of the other activity (writing weblog entries).
Assuming that Pete spends equal time on each activity, the ratio is 1:1. At the point where the MRS equals 1:1, the curve intersects with the line representing equal allocation of time between the two activities.
From the graph, it appears that the MRS equals 1:1 at around 3 conversations with friends. However, if he wants to have more conversations with friends, he will have to sacrifice some time writing weblog entries, and his overall efficiency may decrease.
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