That is a great photo to analyze and it is interesting.
I would not say it is morphed so much as the entire image is distorted slightly giving her bosom a boost. Whether or not this is deliberate is up to interpretation however this is what I found within the photo.
Primary Determination
There will be few to no morphing artifacts as this is a trapezoidal distortion (weighted to the bottom right) of the entire image.
This image happens to have her reflection in a mirror behind her so I was able to compare the ratio of torso width to head width. If there was no distortion the foreground and background versions of her should be nearly the same. They were not. Her reflection is lower within the image so it experienced more exaggeration (enlargement).
Foreground head to shoulder width ratio = .7006
Background head to shoulder width ratio = .7500 (reflection)
The lower in the image one goes the bigger (wider) things get. Note that the reflected image is between her foreground head and shoulder so this may not be immediately apparent. Her lower foreground shoulder is more enlarged in size thus creating a smaller ratio to her head width.
The rate of trapezoidal distortion is right around 3% - for every 100 pixels the image widens by 3% or 3 pixels.
Thus from top to bottom the image widens by 28.8%.
This is exhibited by the parallel items that flare at a rate faster that perspective would explain.
Essentially, perspective is flaring outward the lower in the image one moves.
The top of the bottle shows this well.
The ellipse that the cap forms should have a center axis that follows the transcribed rectangle the would bound the cap and running parallel to the sides of the cylindrical cap regardless of how she is holding it. (she does have it at a slight angle which I adjusted for)
However, the cap's vertical axis is not parallel to the sides of the cube that would bound the cap. It is distorted toward the center of the image by 12 pixels over an ellipse height of 42 pixels - or 28.5% very close to the overall image distortion.
This also occurs in the vertical stripes of the chair to the left and in the office partitions which flare in a similar degree. Both items are angled to each other yet flare at a rate similar to the constant 3%. Objects can have different perspective points and usually do, the fact that they all flare at the same rate is what gives this away.
All of this could be the camera.
But the effect is to make her appear at least 10%+ more busty with no traditional morphing, just image adjustment. To me a rate of 3% does not indicate a very covert effort to enlarge her bust - but it is visually happening here.
As her bust is already large and fills 400 pixels of image height the collective exaggeration of her size is around 12% or more.
Note: Technically if this is a camera lens effect the vertical lines of the trapezoidal grid are curved outward the lower one goes and the horizontal lines would start to arc away from the center of field slightly. The effect actually accelerates the lower one goes in this image so her bust is actually in the best place to get visually amplified by the camera.
I have included an example of trapezoidal flare of around 28% below along with an original image showing how with selective cropping and few perspective references this effect is rather convincing.