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Suppose that Robinson Crusoe produces and consumes fish (F) and coconuts (C). Assume that,during a certain period, he has decided to work 200 hours and is indifferent as to whether he spendsthis time fishing or gathering coconuts. Robinson's production for fish is given byF F ? land for for coconuts byC C ? lwhere F l and C l are the number of hours spent fishing or gathering coconuts. Consequently,200 F C l ?l ?Robinson Crusoe's utility for fish and coconuts is given byutility ? (F x Ca) If Robinson cannot trade with the rest of the world, how will he choose to allocate hislabor? What will the optimal levels of F and C be? What will his utility be? What will be theRPT (of fish for coconuts)?b) Suppose now that trade is opened and Robinson can trade fish and coconuts at a price ratioof 21fcpp? . If Robinson continues to produce the quantities of F and C from part
a),what will he choose to consume once given the opportunity to trade? What will his newlevel of utility be?
b) How would your answer to part
c) change if Robinson adjusts his production to takeadvantage of the world prices?
d) Graph your results for parts (a), (b), and (c).
total output increases from 100 units to 110 units per week. Suppose the market price of output is $25 per unit. What is the maximum weekly wage at which the firm would hire that additional worker
the M&M company purchased a new punch press in 2005 at a cost of $265,000. M&M also paid $46,000 to have the punch press delivered and installed. The punch press has an estimated useful life of 12 years
the basic purpose of this course is to prepare students to carry out their own econometric study. students will be
Imagine that the current price of waste disposal is $0.025/lb and the average waste disposal is 2.40 lb/p/d. When the price was previously $0.01/lb, the average waste disposal was 2.52 lb/p/d. Assume that the marginal social cost of waste disposal..
A profit-maximizing firm is producing where MR=MC and has an average total cost of $4, but it gets a price of $3 for each good it sells. b) What would you advise the firm to do if you knew the average variable costs where $3.50
If the government imposes a usury law and says that car loans cannot exceed 3 percent per year, how big will the monthly shortage (or excess demand) for car loans be What if the usury limit is raised to 7 percent per year
Suppose that there is a negative externality in the market for trout in Colorado. Letting Q represent pounds of trout, explain (using graphs and words) why government intervention in the market for trout may be appropriate.
have the ability to meet the same requirements as companies making stock offerings using more traditional methods.
Assume that the demand for a commodity is represented by the equation P=10-0.2Qd and supply by the equation P=2+0.2Qs. where Qd and Qs are quantity demanded, and quantity supplied respectively, and P is the Price Use the equilibrium condition Qs=Q..
In a given day, once you subtract 8 hours for sleep, you effectively have 16 hours from which you can choose to work or enjoy leisure (that is to say, sleep doesn't count as leisure). You have a job that pays $20/hour and that is your only source ..
Suppose the government increases the retirement age to 75. Thatis, workers will not be eligible for full retirement benefits untilthey are 75. What effect will this have on aggregate supply
A new alloy can be produced by Process A, which costs $200,000 to implement. The operating cost will be $10,000 per quarter with a salvage value of $25,000 after its 2-year life. Process B will have a first cost of $250,000, an operating cost of $..
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