microeconomics, Economics, Microeconomics

Assignment Help:
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

Related Discussions:- microeconomics, Economics

What are the property rights in the process of development, Explain the imp...

Explain the importance of well-established property rights in the method of development. Definition of property rights should not begin and end with owning land and buildings b

Network externalities, NETWORK EXTERNALITIES Till this point we have as...

NETWORK EXTERNALITIES Till this point we have assumed that people's demands for good are independent of each other. Actually, a person's demand can be affected by the number

102, why does the quantity of salt tend to be unresponsive to changes in it...

why does the quantity of salt tend to be unresponsive to changes in its price

Division of labour, Division of labour: Division of labour involves divi...

Division of labour: Division of labour involves dividing a production process into a number of smaller tasks for each task to be undertaken by a different worker. It may also be

Uncompensated demand curves, Using a graph of the compensated and uncompens...

Using a graph of the compensated and uncompensated demand curves, show how the magnitudes of the CV, EV, and  ?CS will be related to each other when there is a ceteris paribus incr

Saving and Investment, What does Keynesian consumption function say about t...

What does Keynesian consumption function say about tax cuts

What does the basic neoclassical model assume about market, What does the b...

What does the basic neoclassical, or traditional, model of economics assume about markets? It supposes that markets are perfectly competitive and smoothly functioning, and thos

Strategic importance of supply chain management, Strategic Importance of Su...

Strategic Importance of Supply Chain Management This describes the scope of supply chain management (SCM), including the management of procurement, logistics and materials. It

Sylos labini model, How we constract the cost structure of firms

How we constract the cost structure of firms

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