ZuoTi.Pro
Question

1. Jack and Meg are stranded on a deserted island where they live by catching fish...

1. Jack and Meg are stranded on a deserted island where they live by catching fish and picking coconuts. In one day Jack can catch 12 fish or pick 8 coconuts while Meg can catch 5 fish or pick 10 coconuts. When they are separated, they each choose to catch 3 fish.

a. How many coconuts is each of them consuming when they are separated?

b. What is the marginal cost of a fish for Jack and what is it for Meg?

c. If Jack and Meg are able to coordinate their activities and they want to get the same number of fish that they were getting when separated, how many coconuts can they get?

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
  1. Jack collects 12 fish in one day. He can collect one fish in 1/12 day and 3 fishes in ¼ day. Therefore, after collecting 3 fishes he is left with ¾ day.

Therefore in ¾ day Jack will collect ¾*8 = 6 coconuts.

Similarly, Meg collects 5 fish in one day. He can collect one fish in 1/5 day and 3 fishes in 3/5 day. Therefore, after collecting 3 fishes he is left with 2/5 day.

Therefore in 2/5 day Jack will collect 2/5*10 = 4 coconuts.

  1. Marginal Cost of fish for Jack = 8/12 = 2/3 coconut.

Marginal Cost of fish for Meg = 10/5 = 2 coconut.

  1. Since the marginal Cost for fish is less for Jack therefore Jack will catch fish first and Meg coconut. Thus, after catching 6 fish which he can do in half time Jack can collect coconuts.

Therefore total coconuts available will be 4+10 = 14 coconuts.

0 0
Add a comment
Know the answer?
Add Answer to:
1. Jack and Meg are stranded on a deserted island where they live by catching fish...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 1. Anne and Nancy are stranded on a deserted island where they survive by catching fish...

    1. Anne and Nancy are stranded on a deserted island where they survive by catching fish and picking mangoes. In one day, Anne can catch 4 fish or pick 12 mangoes and Nancy can catch 8 fish or pick 8 mangoes. When they are separated each chooses to spend half of their day on each good. a. Draw the PPF for both Anne and Nancy combined. Label the slopes and intercepts and include a point representing the combination of fish...

  • 1. Dan and Patrick are stranded on a deserted island. They survive by catching fish and...

    1. Dan and Patrick are stranded on a deserted island. They survive by catching fish and gathering coconuts. In one day, Dan can pick 12 coconuts or catch 6 fish and Patrick can pick 4 coconuts or catch 12 fish. They can divide their time in any way between the two tasks without any loss of efficiency. When alone, they each choose to spend half of their time on fish and half on coconuts. a) Draw the production possibility frontier...

  • 1. Anne and Nancy are stranded on a deserted island where they survive by catching fish...

    1. Anne and Nancy are stranded on a deserted island where they survive by catching fish and picking mangoes. In one day, Anne can catch 4 fish or pick 12 mangoes and Nancy can catch 8 fish or pick 8 mangoes. When they are separated each chooses to spend half of their day on each good. a. What is the marginal cost of a fish for Anne and what is it for Nancy? b. Who has a comparative advantage in...

  • 1. George and Ringo are stranded on a deserted island where they survive by picking mangoes...

    1. George and Ringo are stranded on a deserted island where they survive by picking mangoes and catching fish. Ringo can get 4 fish or 8 mangoes in a day. George can get 10 fish or 10 mangoes in a day. When working separately, they each choose to spend half of their day getting fish and half getting mangoes. a. How many Fish and mangoes does each get when working alone? b. Give the marginal cost of fish for both...

  • . Robinson Crusoe spends 4 hours a day catching fish and picking coconuts, Hłe cn 2...

    . Robinson Crusoe spends 4 hours a day catching fish and picking coconuts, Hłe cn 2 fish per hour and he can always gather 3 coconuts per hour. His utility func nuts. He can always catch tion is CF, wh where C is the ere C is t number of coconuts eats choose to eat per day? e eats per day and F is the number of fish he eats per day. How many fish will he F C z.l

  • 1)Jimmy can catch 12 fish in a day or pick 18 coconuts. Robert can catch 8...

    1)Jimmy can catch 12 fish in a day or pick 18 coconuts. Robert can catch 8 fish in a day or pick 4 coconuts. a. Who has a comparative advantage in fish? b. If they want to get 10 fish between them, how many coconuts can they get? 2) Let the following be a production function for a fishery where L is number of fishermen and TP is total number of fish caught. The price of a fish is $5...

  • Class Exercise Absolute Advantage& Comparative Advantage ECON4850/5850 . After a shipwreck there are only two survivors...

    Class Exercise Absolute Advantage& Comparative Advantage ECON4850/5850 . After a shipwreck there are only two survivors Robinson and Friday who are washed ashore on opposite ends of a deserted island. Initially they are unaware of each other, so each is forced to become completely self- sufficient. And there are only two kinds of food on the island: fish and berries. Table below shows how much time it takes for each castaway to pick a cup of berries or catch one...

  • 1. Production possibility frontiers usually exhibit _________________ marginal ________________. 2. Anne can catch 10 fish in...

    1. Production possibility frontiers usually exhibit _________________ marginal ________________. 2. Anne can catch 10 fish in a day or pick 5 coconuts while Nancy can catch 12 fish or pick 9 coconuts. For each fish and coconuts, say who has an absolute advantage and who has a comparative advantage. 3. The gains from specialization are limited by the extent of ______________________. 4. We assume that production functions exhibit ___________________ marginal product of all inputs. 5. List the 3 categories of...

  • 9) Which of the following statements demonstrates that economic agents rationally respond to incentives? A) when...

    9) Which of the following statements demonstrates that economic agents rationally respond to incentives? A) when citrus fruits become more expensive, people don’t change their demand for it because we need vitamin C. B) Although it is cheaper to install security monitoring equipment than allowing burglaries to happen, most people don’t install it. C) When the price of iOS phones goes up, people may consider buying Android phones. D) More efficient batteries allow us to charge cell phones less often....

  • Mr. Bennet is 60 years old. He teaches grade 5 and loves working with his students....

    Mr. Bennet is 60 years old. He teaches grade 5 and loves working with his students. He was diagnosed with MS at 30 years old, after many years of having symptoms. He has primary progressive MS. He enjoys teaching and hopes he will be able to continue to work in his chosen career until retirement. He is also married and has 4 young grandchildren. He is a hands-on Grandpa. He enjoys reading to his grandchildren and helping them with their...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT