Expected cost of building the boat, Macroeconomics

Assignment Help:

Half the members of a fishing tribe catch four fish per day and half catch 10 fish per day. A group of 10 members could build a boat for another tribe in one day and receive a payment of 45 fish for the boat.

Suppose the boat builders are drawn at random from the tribe. From the tribe%u2019s perspective, what is the expected cost of building the boat?

now supposing that members are selected based on opportunity cost, the minimum cost that the boat could be built for is? fish?

Related Discussions:- Expected cost of building the boat

Project of introducing a new product in africa, How to prepare a a project...

How to prepare a a project on a new product in africa.

Production manager for widgets, Suppose you are the production manager for ...

Suppose you are the production manager for Widgets, Inc. Your job is to produce a fixed amount of output at the lowest cost possible. When you take over the position, you find that

#GDP, There are three firms in an economy: A, B, and C. Firm A buys $450 wo...

There are three firms in an economy: A, B, and C. Firm A buys $450 worth of goods from firm B and $260 worth of goods from firm C, and produces 260 units of output, which it sells

#title.williams managerial discretion model, The different between williams...

The different between williams managerial discretion model and baumol''s sales maximization model

Relationship with 8 variants of national product aggregates, RELATIONSHIP W...

RELATIONSHIP WITH 8 VARIANTS OF NATIONAL PRODUCT AGGREGATES We have shown the distinction between national product at market prices and national product at factor cost, based

Calculate average and probability , 1 .Use the concepts of sampling error a...

1 .Use the concepts of sampling error and z- scores to explain the concept of distribution of sample means. (this is a paragraph answer needed) 2. Describe the distribution

Principle of acceleration, importance and limitation of principle of accele...

importance and limitation of principle of acceleration

International trade, what are the limits of the trade between franci and ga...

what are the limits of the trade between franci and galacia

Monopoly without tax and without price ceiling, Here from a), profit maximi...

Here from a), profit maximizing price = 7 and Q = 10. It is shown in the figure below:- The consumer surplus is shown in blue area which is given as (9-7) *10*1/2 =10 dolla

United states population, In 2010, Forbes magazine listed Bill Gates, the f...

In 2010, Forbes magazine listed Bill Gates, the founder of Microsoft, as the richest person in the United States. His personal wealth was estimated to be $53 billion. If there were

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages