1. Robinson Crusoe happily lives by himself on a little island eating shrimp and mangos. He is able to catch one pound of shrimp per hour he spends shrimping, and he can collect 15 mangos per hour. These rates are the same no matter how much time he spends in each activity. He seeks a work-life balance, so he will not work more than six hours a day. A) Draw Mr. Crusoe's production possibilities curve/frontier. Make sure that you include units on the axes. B) What is the per-unit opportunity cost of one pound of shrimp?

1. Robinson Crusoe happily lives by himself on a little island eating shrimp and mangos. He is able to catch one pound of shrimp per hour he spends shrimping, and he can collect 15 mangos per hour. These rates are the same no matter how much time he spends in each activity. He seeks a work-life balance, so he will not work more than six hours a day. A) Draw Mr. Crusoe's production possibilities curve/frontier. Make sure that you include units on the axes. B) What is the per-unit opportunity cost of one pound of shrimp?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 9SQP

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