Basic Economic Homework

timer Asked: Aug 14th, 2015

Question Description

A modern-day Robinson Crusoe (perhaps a lost soul from one of those ‘Reality Shows’, so-called, on TV) expends 8 hours a day on two basic “Survival” tasks – gathering coconuts and catching fish. This activity can be described by the Production Possibilities Schedule below. (It won't let me make a graph so I will just write it out)

Possibilities             Coconuts            Fish

A                                24                   0

B                                20                   1

C                                12                   2

D                                0                     3

- This questions asks three things 1.) Suppose Mr./Mrs. Crusoe ups his/her workday from 8 to 12 hours a day what will happen to the PPC?.... 

I have already created a production possibilities curve, what I don't understand is how time effects it? I have coconuts as the y axis and fish as the x axis

2.) If the castaway is operating on his/her PPC what main assumption has been met?...

All I could determine is that the castaway can collect coconuts faster than fish, is this what the question is asking?

3.) Explain what effect a ladder and a fishing rod likely would have on the castaway’s PPC

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