Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.John and Paul are stranded on a deserted island where they survive by catching fish and picking coconuts.In one day John can catch 8 fish

1.John and Paul are stranded on a deserted island where they survive by catching fish and picking coconuts.In one day John can catch 8 fish OR pick 12 coconuts or he can divide his time between the two in any way with no loss of efficiency.So for instance, if he spends half of the day catching fish and half picking coconuts, he can catch 4 fish AND 6 coconuts.Similarly, Paul can catch 6 fish or pick 3 coconuts in a day (and also divide time in any way between the two).

If they want to produce 10 fish between the two of them, what quantity of coconuts would be production efficient?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction to Global Business Understanding the International Environment & Global Business Functi

Authors: Julian Gaspar, James Kolari, Richard Hise, Leonard Bierman, L. Smith, Antonio Arreola Risa

2nd edition

1305501187, 9780547152127, 547152124, 9781111824259, 1111824258, 978-1305501188

More Books

Students also viewed these Economics questions