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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.

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