User Account

All Pages

Draw budget lines for trading with friday

Assignment Help Business Economics
Reference no: EM133134525

Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 coconut that you are willing to give him. Another neighbor, Kwame, is also a fisherman, and he is willing to trade 3 fish for every 1 coconut.

a. On a single figure, draw budget lines for trading with Friday and for trading with Kwame. (Put coconuts on the vertical axis.)

b. What is the slope of the budget line from trading with Friday?

c. What is the slope of the budget line from trading with Kwame?

d. Which budget line features a larger set of attainable combinations of coconuts and fish?

e. If you are going to trade coconuts for fish, would you rather trade with Friday or Kramer?

Reference no: EM133134525

Questions Cloud

What was the rate of interest on the note : Question - The interest charged on a $125,000, 4-month note payable, was $1,250. What was the rate of interest on the note
Assess children development : What makes child observation the best way to assess children's development and why?
Find helen optimal consumption basket : Find Helen's optimal consumption basket. Show this result graphically, labelling as many points as you can.
What is the dollar amount of cost of goods sold : Wilkins has 30 hammers on hand at the end of the year. What is the dollar amount of cost of goods sold for the year according to the last-in, first-out method
Draw budget lines for trading with friday : Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a fisherman, and he is willing to trade 2 fish for every 1 co
Research regarding security and surveillance technologies : What would be a good topic to research regarding security and surveillance technologies within the past two years?
What is the payback of the cash flows that occur : The details of an investment project are: Cost of asset bought at the start of the project $100,000. What is the payback of the cash flows that occur
How much do you need to invest each month : How much do you need to invest each month if you can earn an annual interest rate of 10.5% compounded monthly so that you will have $41,000.00 after 6 years
What is the corresponding choice statement : An agent earns $100 and, although she has the option to burn her money, she chooses to save $30 and use $70 for household expenditures. How would an economist m

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd