Now it is time to find a way off the island! If you can build enough inventory to survive two days without working, you can search the island for a way off. Trade with Friday until you have 64 logs of firewood and 4000 calories of fish in inventory at the start of a day.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

what sliders do i use?

Now it is time to find a way off the island! If you can build
enough inventory to survive two days without working,
you can search the island for a way off. Trade with Friday
until you have 64 logs of firewood and 4000 calories of
fish in inventory at the start of a day.
Collect Wood: 12 hour
Collect Fish: 0 hour
Daytime Schedule
0 hour
Collect Wood
Collect Fish
Idle
12 hour
Wood: 0 logs
Day 1.
Fish : 0 cals
Transcribed Image Text:Now it is time to find a way off the island! If you can build enough inventory to survive two days without working, you can search the island for a way off. Trade with Friday until you have 64 logs of firewood and 4000 calories of fish in inventory at the start of a day. Collect Wood: 12 hour Collect Fish: 0 hour Daytime Schedule 0 hour Collect Wood Collect Fish Idle 12 hour Wood: 0 logs Day 1. Fish : 0 cals
Fish (cals)
5000
4000
3000
2000
1000
0
0
0
Trade
Terms of Trade
10 20 30 40 50 60 70 80 90 100 110
Firewood (logs)
What are the rules of trading?
1 Wood (logs) for: 150 fish (cals)
How much do we trade?
Your PPF
Give wood (logs): 5
0
Receive fish (cals): 750
◆ Your PPF
200
50
Fish (cals)
8000
0
7000
6000
5000
4000
3000
2000
1000
0
0
10
20 30
Consumption
Collect Wood: 91 logs
0
Collect Fish: 750 cals
Friday PPF
40 50 60 70 80
Firewood (logs)
● Friday's PPF
Start
90 100 110
96
6000
Transcribed Image Text:Fish (cals) 5000 4000 3000 2000 1000 0 0 0 Trade Terms of Trade 10 20 30 40 50 60 70 80 90 100 110 Firewood (logs) What are the rules of trading? 1 Wood (logs) for: 150 fish (cals) How much do we trade? Your PPF Give wood (logs): 5 0 Receive fish (cals): 750 ◆ Your PPF 200 50 Fish (cals) 8000 0 7000 6000 5000 4000 3000 2000 1000 0 0 10 20 30 Consumption Collect Wood: 91 logs 0 Collect Fish: 750 cals Friday PPF 40 50 60 70 80 Firewood (logs) ● Friday's PPF Start 90 100 110 96 6000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Clean Air Act
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education