Read the following situation and then answer the questions. You live on the world's most isolated island of Nowhere in the South Atlantic Ocean. On Nowhere, money is unknown and barter is used in the exchange of goods and services. You would like to have for your breakfasts this week 1 dozen eggs, 2kg of bacon, ½ kg of coffee, and two loaves of bread. You have available for exchange 20 kg of apples. You know that the following exchanges are usually made in the local market: 1 dozen eggs exchanges for 1 chicken 1 kg of bacon exchanges for 1 kg of apples 1 loaf of bread exchanges for 2 eggs. 1 chicken exchanges for 1 kg of apples 14 kg of coffee exchanges for 1 kg of cheese 1 kg of cheese exchanges for 1 loaf of bread. Questions: 1. What exchanges will you have to make in order to get what you want for breakfast? 2. How many kilos of apples will you have to exchange? 3. How would your life be simplified by the use of money?

Read the following situation and then answer the questions. You live on the world's most isolated island of Nowhere in the South Atlantic Ocean. On Nowhere, money is unknown and barter is used in the exchange of goods and services. You would like to have for your breakfasts this week 1 dozen eggs, 2kg of bacon, ½ kg of coffee, and two loaves of bread. You have available for exchange 20 kg of apples. You know that the following exchanges are usually made in the local market: 1 dozen eggs exchanges for 1 chicken 1 kg of bacon exchanges for 1 kg of apples 1 loaf of bread exchanges for 2 eggs. 1 chicken exchanges for 1 kg of apples 14 kg of coffee exchanges for 1 kg of cheese 1 kg of cheese exchanges for 1 loaf of bread. Questions: 1. What exchanges will you have to make in order to get what you want for breakfast? 2. How many kilos of apples will you have to exchange? 3. How would your life be simplified by the use of money?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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