Question

5

LUN , my cool and Trade Robinson Crusoe can catch 1 fish in one hour or harvest i no 1. What are RC's production functions for fish and for t equations or both) he ricorn F -a Llwel Ly- Qusa 2., Derive or characterize RC's production possibilities curve. (What does it looke? What -OL - % assumption do you need to make?) Q- to a draught line since there is constant opportunity cot so produce more of any item al a 3. What does a fish cost RC? A josh costo a coconut do ec 4. Given RC's PPC which combination of fish and nuts will RC produce and consume? Both tem will be produce consumed and produced because for any combination as any consumption bundle gives 5. How might technological change be reflected in this model? can't exhort this model pogical change because of preference

Answer 1

Hi,

Robinson Crusoe Production function have two alternative possibilities that is Fish and Nuts, it represents the graphically alternative production possibilities in an economy.

The two commodities are fish and nuts which is shown in the table(1.1) for your reference:

The following diagram show the graphical representation of production possibility Curve that Robinson Crusoe Produce:

In this above diagram, I to VI is the production possibility curve which shows the combination of fish and nuts which economy can produce with the given amount resources. PPC slop is always downwards because the resources and technology can't be chanced or given. In order to produce more of a good other one need to be forego. PPC concave to the origin because to produce more of a good other one need to be forego. Eg. to produce more fish you need to forego for the nuts.

Note: As HOMEWORKLIB RULES's rule we solve only first question if multiple questions are given if no instructions are given