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Economics

1. Robinson Crusoe can either fish (F) at a rate of 1 caught per 2 hours or pick Coconuts (C) at a rate of 1 picked per hour. He has 12 hours per day available for either activity. Describe his production possibilities. In this one person economy could this also be his budget line?

The table below describes utility that Crusoe gets from consuming fish and coconuts.

Quantity of Fish Total Utility Quantity of Coconuts Total Utility
0 0 0 0
1 40 1 24
2 70 2 44
3 90 3 60
4 102 4 72
5 110 5 80
6 116 6 84
7 120 7 86
8 122 8 87
9 123 9 87
10 123 10 87
11 123 11 87
12 123 12 87

2. Do the best combinations that Crusoe selects for utility meet the consumer equilibrium condition (MU/P is equal for all goods)? Note that this will only be approximate in this problem since we are dealing with finite combinations.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M965974

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