Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you help me with this homework please? 00225 Description 1. John and Paul are stranded on a deserted island where they survive by catching

Can you help me with this homework please?

image text in transcribed
00225 Description 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). Draw a PPF for John and Paul. Label the slopes and intercepts. If they want to produce 4 fish between the two of them, what quantity of coconuts would be production efficient? label this point on your graph. 2. a. Show the market for potatoes on a graph and show what will happen if there is a drought in Idaho (where a lot of potatoes are grown). b. On another graph, show what will happen in the market for potatoes if there is a drought in China (where, I presume, a lot of rice is grown). Resubmit Assignment to 1 8 Dashboard Calendar To Do Notifications Inbox

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

Managerial Economics A Problem-Solving Approach

Authors: Luke M. Froeb, Brain T. Mccann

2nd Edition

B00BTM8FK0

More Books

Students also viewed these Economics questions

Question

LO14.1 Describe the characteristics of oligopoly.

Answered: 1 week ago