what sliders do i put ? Having determined that you should specialize in fishing,find a trade that will make you and Friday better off.Recall that Friday produces 350 calories of fish per houror 3.5 logs of firewood per hour and to survive, he needs7 logs and 3500 calories of fish. While you produce 500calories or 4 logs per hour and to survive you must collect32 logs and 2000 calories of fish.Collect Wood: 6 hourCollect Fish: 6 hourDaytime Schedule0 hour12 hourWood : 0 logsDay 1.Fish : 0 cals Fish (cals)8000700060005000400030002000100000TradeO10 20 30How much do we trade?Give fish (cals): 351Your PPF0Receive wood (logs): 2.440Terms of TradeWhat are the rules of trading?1 Wood (logs) for: 148 fish (cals)50 60 70 80 90 100Firewood (logs)Your PPF1102003000Fish (cals)5000400003000200010000OConsumption10 20 30Collect Wood: 21.4 logs0Collect Fish: 3389 calsFriday PPFO40 50 60 70Firewood (logs)● Friday's PPFStart8090 100 110.423000

Comparative advantage refers to the ability to produce goods and services at a lower opportunity…

Fish (cals) 8000 7000 6000 5000 4000 3000 2000 1000 0 o 0 Trade 10 20 30 40 50 60 70 Firewood (logs) ◆ Your PPF Terms of Trade What are the rules of trading? 1 Wood (logs) for: 148 fish (cals) How much do we trade? Give fish (cals): 351 0 Receive wood (logs): 2.4 80 90 100 110 200 3000 Fish (cals) 5000 4000 0 3000 2000 1000 0 0 10 20 30 40 Consumption Collect Wood: 21.4 logs 0 Collect Fish: 3389 cals 50 60 70 Firewood (logs) ◆ Friday's PPF Start 80 90 100 110 42 3000

Fish (cals) 8000 7000 6000 5000 4000 3000 2000 1000 0 o 0 Trade 10 20 30 40 50 60 70 Firewood (logs) ◆ Your PPF Terms of Trade What are the rules of trading? 1 Wood (logs) for: 148 fish (cals) How much do we trade? Give fish (cals): 351 0 Receive wood (logs): 2.4 80 90 100 110 200 3000 Fish (cals) 5000 4000 0 3000 2000 1000 0 0 10 20 30 40 Consumption Collect Wood: 21.4 logs 0 Collect Fish: 3389 cals 50 60 70 Firewood (logs) ◆ Friday's PPF Start 80 90 100 110 42 3000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

what sliders do i put ?

Having determined that you should specialize in fishing,
find a trade that will make you and Friday better off.
Recall that Friday produces 350 calories of fish per hour
or 3.5 logs of firewood per hour and to survive, he needs
7 logs and 3500 calories of fish. While you produce 500
calories or 4 logs per hour and to survive you must collect
32 logs and 2000 calories of fish.
Collect Wood: 6 hour
Collect Fish: 6 hour
Daytime Schedule
0 hour
12 hour
Wood : 0 logs
Day 1.
Fish : 0 cals

Fish (cals)
8000
7000
6000
5000
4000
3000
2000
1000
0
0
Trade
O
10 20 30
How much do we trade?
Give fish (cals): 351
Your PPF
0
Receive wood (logs): 2.4
40
Terms of Trade
What are the rules of trading?
1 Wood (logs) for: 148 fish (cals)
50 60 70 80 90 100
Firewood (logs)
Your PPF
110
200
3000
Fish (cals)
5000
4000
0
3000
2000
1000
0
O
Consumption
10 20 30
Collect Wood: 21.4 logs
0
Collect Fish: 3389 cals
Friday PPF
O
40 50 60 70
Firewood (logs)
● Friday's PPF
Start
80
90 100 110.
42
3000

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