Suppose that on the island, the currency is shell beads. The going price for coconuts is 1 bead and that for fish is 1 bead. You earn 20 beads per period from your job as a harvester. Given the data in the table, your equilibrium or maximum satisfaction coconut-fish combination will be ____?coconut and ____? fish. Explain why this will be the chosen combination. 2. Compare your new total satisfaction level with the old one. Old data: 2.5 beads for coconut, 1 bead for fish (optimal combination of coconut-fish was 5 coconuts and 8 fishes).
Suppose that on the island, the currency is shell beads. The going price for coconuts is 1 bead and that for fish is 1 bead. You earn 20 beads per period from your job as a harvester. Given the data in the table, your equilibrium or maximum satisfaction coconut-fish combination will be ____?coconut and ____? fish. Explain why this will be the chosen combination. 2. Compare your new total satisfaction level with the old one. Old data: 2.5 beads for coconut, 1 bead for fish (optimal combination of coconut-fish was 5 coconuts and 8 fishes).
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 24RQ: What is a production technology?
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1. Suppose that on the island, the currency is shell beads. The going price for coconuts is 1 bead and that for fish is 1 bead. You earn 20 beads per period from your job as a harvester. Given the data in
the table, your equilibrium or maximum satisfaction coconut-fish combination will be ____?coconut and ____? fish. Explain why this will be the chosen combination.
2. Compare your new total satisfaction level with the old one.
Old data: 2.5 beads for coconut, 1 bead for fish (optimal combination of coconut-fish was 5 coconuts and 8 fishes).
Thank you.
![Units consumed
3
4
5
6
7
8
9
10
11
MU of coconuts
22262853
24
20
16
12
TU of coconuts
348
376
400
420
436
448
456
461
464
MU of fish
18 16 14 12 108 53
TU of fish
130
148
164
178
190
200
208
213
216](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F409b9142-20d9-4f17-9785-47022f000408%2Ff7a7aa8a-5023-4b11-a9a6-4d478f450e7b%2Fanvle78_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Units consumed
3
4
5
6
7
8
9
10
11
MU of coconuts
22262853
24
20
16
12
TU of coconuts
348
376
400
420
436
448
456
461
464
MU of fish
18 16 14 12 108 53
TU of fish
130
148
164
178
190
200
208
213
216
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