Robinson and Friday are trapped on an island together and can produce Fish (F) or Coconuts (C) with the time they have on any given day. Let LF and LC denote labor hours dedicated to fishing or gathering coconuts, respectively. Robinson's technological relationships for producing coconuts is given by: CRobinson=14LC Friday's technological relationship for producing coconuts is given by: CFriday=12LC Which of the following is true? (check all that apply)

Robinson and Friday are trapped on an island together and can produce Fish (F) or Coconuts (C) with the time they have on any given day. Let LF and LC denote labor hours dedicated to fishing or gathering coconuts, respectively. Robinson's technological relationships for producing coconuts is given by: CRobinson=14LC Friday's technological relationship for producing coconuts is given by: CFriday=12LC Which of the following is true? (check all that apply)

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter9: Production Functions

Section: Chapter Questions

Problem 9.4P

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Robinson is trapped on an island and can produce Fish (F) or Coconuts (C) with his time. Let LF and Lc denote labor hours dedicated to fishing or gathering coconuts, respectively. Robinson's technological relationships for producing fish is given by: F = √√LF Robinson's technological relationships for producing coconuts is given by: C = √Lc Which of the following correctly expresses the relationship between fish and coconuts along Robinson's PPF for a single 24 hour day (assume he doesn't sleep)? F² + 4C² 2F² + 4C² = 24 = 6 4F16C 24 none of the other choices are correct
Robinson is trapped on an island and can produce Fish (F) or Coconuts (C) with his time. Let LF and LC denote labor hours dedicated to fishing or gathering coconuts, respectively. Robinson's technological relationships for producing fish is given by: F=12LF Robinson's technological relationships for producing coconuts is given by: C=14LC Which of the following is/are correct? check all that apply - Robinson becomes less productive at the margin for each additional hour spent fishing - every hour spent harvesting coconuts is equally productive at the margin in terms of labor usage - Robinson becomes less productive at the margin for each additional hour spent harvesting coconuts - every hour of labor spent fishing is equally productive at the margin in terms of labor usage
Robinson is trapped on an island and can produce Fish (F) or Coconuts (C) with his time. Let LF and Lc denote labor hours dedicated to fishing or gathering coconuts, respectively. Robinson's technological relationships for producing fish is given by: F = 1/√√LF Robinson's technological relationships for producing coconuts is given by: C = √Lc Which of the following correctly expresses the relationship between fish and coconuts along Robinson's PPF for a single 24 hour day (assume he doesn't sleep)? F² + 4C² 6 2F² +40² = 24 none of the other choices are correct 4F + 16C - 24
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Robinson is trapped on an island and can produce Fish (F) or Coconuts (C) with his time. Let LF and Lc denote labor hours dedicated to fishing or gathering coconuts, respectively. Robinson's technological relationships for producing fish is given by: 1 F 2 = √LF Robinson's technological relationships for producing coconuts is given by: C = √Lc Which of the following will be true regarding Robinson's PPF? (hint: a well- drawn picture will help) it will exhibit increasing opportunity cost with respect to both goods it will exhibit decreasing opportunity cost with respect to both goods not enough information provided to make an assessment it will exhibit constant opportunity cost with respect to both goods
Question 30 Link and Zelda each have 12 hours a week they can spend making costumes and accessories for their cosplay group. Link has been doing this for years and can make a costume piece in 2 hours and an accessory item in 1 hour. Zelda is still learning and can make a costume piece in 3 hours and an accessory item in 2 hours. The opportunity cost of 1 costume piece for Link in terms of accessory items (i.e. accessory items per costume piece):
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AFTER THE CHART Suppose Frances is currently using combination D, producing one truck per day. Her opportunity cost of producing a second truck per day is per day. Now, suppose Frances is currently using combination C, producing two trucks per day. Her opportunity cost of producing a third truck per day is per day. From the previous analysis, you can determine that as Frances increases her production of trucks, her opportunity cost of producing one more truck . Suppose Frances buys a new tool that enables her to produce twice as many trucks per hour as before, but it doesn't affect her ability to produce puzzles. Use the green points (triangle symbol) to plot her new PPF on the previous graph. Because she can now make more trucks per hour, Frances's opportunity cost of producing puzzles is it was previously.
Consider two neighboring island countries called Bellissima and Felicidad. They each have 4 million labor hours available per week that they can use to produce corn, jeans, or a combination of both. The following table shows the amount of corn or jeans that can be produced using 1 hour of labor. Country Corn Jeans (Bushels per hour of labor) (Pairs per hour of labor) Bellissima 8 16 Felicidad 5 20 Initially, suppose Bellissima uses 1 million hours of labor per week to produce corn and 3 million hours per week to produce jeans, while Felicidad uses 3 million hours of labor per week to produce corn and 1 million hours per week to produce jeans. Consequently, Bellissima produces 8 million bushels of corn and 48 million pairs of jeans, and Felicidad produces 15 million bushels of corn and 20 million pairs of jeans. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount…