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Roy model The price of a fish is pr = $10, while the price of a rabbit is pH = $3. The distribution of skill is here, 0

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

ChapterA: The Use Of Mathematics In Principles Of Economics

Section: Chapter Questions

Problem 1RQ: Exercise A1 Name three kinds of graphs and briefly state when is most appropriate to use each type...

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Question

Roy model
The price of a fish is pr = $10, while the price of a rabbit is pH = $3. The distribution of
skill is
here, 0<F<4 and 0 <H<20.
H=20-5F.
a) This model is about Absolute advantage or Comparative advantage?
b) Draw the indifference line and the distribution line. Explain it.
c) The average income in the Fishing and Hunting village, separately.
Suppose that the price of a rabbit decreases from $3 to $1. How it will affect
d) The total population of the Fishing village,
e) The average income among hunters, and
f) The average income of this economy.

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