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

Process to control inflation rate, Process to control inflation rate Th...

Process to control inflation rate The belief that control of inflation must be the primary economic objective of government can be traced back to neo-liberal revolution that st

Price elasticity be somewhat overestimated, Movie attendance dropped 8 perc...

Movie attendance dropped 8 percent as ticket prices rose a little more than 5 percent. What is price elasticity of demand for movie tickets? Could price elasticity be somewhat over

No plans to purchase hot dogs in january, Currently you purchase 6 packages...

Currently you purchase 6 packages of hot dogs a month. You will graduate from college in December, and you will start a new job in January. You have no plans to purchase hot dogs i

Decay toothbrush and decay fighter toothbrush, The Stop decay company sells...

The Stop decay company sells an electric toothbrush for $25. Its sales have averaged 8,000 units per month over the past year. Recently, its closest competitor, Decay fighter, redu

Find out the true statement, Which one of the following statements is corre...

Which one of the following statements is correct? A. Most production possibilities curves illustrate decreasing marginal opportunity costs. B. Relative scarcity is no longer

Inflation, discuss the action the procurement function should take to achie...

discuss the action the procurement function should take to achieve raw materials at economic cost durin inflation

Demand and supply, Suppose the demand and supply for milk is described by t...

Suppose the demand and supply for milk is described by the following equations Qd=600-100P; Qs=-150+150P Where P is the price in rand, Qd is the quantity demanded in millions of l

Balance of payments, factors that causes the shifts in balance of payments...

factors that causes the shifts in balance of payments

Explain the facts or economics rate, Explain the facts or economics rate ...

Explain the facts or economics rate Boom: The period leading up to the peak of the cycle when an overheating economy is experiencing high GDP growth and inflationary pressures

Millions of individual microeconomic decisions, Macroeconomics deals with t...

Macroeconomics deals with the economy as a whole. The millions of individual microeconomic decisions of the people, businesses, and government in their totality represent a nation'

Write Your Message!

Captcha
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!

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