1. Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $27 per hour for as many hours as she chooses to work, and as a fossil collector, in which her pay depends on both the price of fossils and the number of fossils she finds. Earnings aside. Zoe is indifferent between the two tasks, and the number of fossils she can find depends on the number of hours a day she searches, as shown in the table below: (LOI) Hours per day Total fossils per day 1 2 3 9 12 14 15 a. Using the information above, compute the lowest price that Zoe would accept per fossil in order to justify her spending more time collecting fossils and less time working as a wedding photographer. b. Plot these points in a graph with price on the vertical axis and quantity per day on the horizontal. What is this curve called?

1. Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $27 per hour for as many hours as she chooses to work, and as a fossil collector, in which her pay depends on both the price of fossils and the number of fossils she finds. Earnings aside. Zoe is indifferent between the two tasks, and the number of fossils she can find depends on the number of hours a day she searches, as shown in the table below: (LOI) Hours per day Total fossils per day 1 2 3 9 12 14 15 a. Using the information above, compute the lowest price that Zoe would accept per fossil in order to justify her spending more time collecting fossils and less time working as a wedding photographer. b. Plot these points in a graph with price on the vertical axis and quantity per day on the horizontal. What is this curve called?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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