1. Suppose that on the island, the currency is shell beads. The going price for coconuts is 2.4 beads and that for fish is 1 bead. You earn 20 beads per period from your job as a harvester. Given the data in the table, your equilibrium or maximum satisfaction coconut-fish combination will be ____? coconuts and ____? fish. Explain why this will be the chosen combination. 2. Your total utility from the coconut-fish combination is ____?
1. Suppose that on the island, the currency is shell beads. The going price for coconuts is 2.4 beads and that for fish is 1 bead. You earn 20 beads per period from your job as a harvester. Given the data in the table, your equilibrium or maximum satisfaction coconut-fish combination will be ____? coconuts and ____? fish. Explain why this will be the chosen combination. 2. Your total utility from the coconut-fish combination is ____?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 24RQ: What is a production technology?
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1. Suppose that on the island, the currency is shell beads. The going price for coconuts is 2.4 beads and that for fish is 1 bead. You earn 20 beads per period from your job as a harvester. Given the data in the table, your equilibrium or maximum satisfaction coconut-fish combination will be ____? coconuts and ____? fish. Explain why this will be the chosen combination.
2. Your total utility from the coconut-fish combination is ____?
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