Basic Economic Homework

Price: $20 USD

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

Tutor Answer

(Top Tutor) Daniel C.
School: Rice University
Studypool has helped 1,244,100 students
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1830 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors