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microeconomics, Economics, Microeconomics
An economy has only one member Robinson Crusoe. Robinson allocates his time between fishing and collecting fruits. One hour spent finishing yields 4 fish. One hour spent collecting fruits yields 8 fruits. Robinson decided to work 8 hours a day. How to draw Robinson''s daily PPF with the number of fish on the horizontal axis and the number of fruits on the vertical axis. Label you diagram carefully.
B) For each of the following combinations of fruits and fish determine whether it is efficient, feasible or infeasible.
28 fish/day, 16 fruits/ day
16 fish/day, 32fruits/ day
18 fish/day, 24 fruits/day
Posted Date: 1/30/2012 5:00:51 PM | Location : United States
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