Robinson Crusoe obtains utility from the quantity of fish he consumes in one day (F), the quantity of coconuts he consumes that day (C), and the hours of leisure time he has during the day (H) according to the utility function: Utility = F 1/4 C 1/4 H 1/2 Robinson's production of fish is given by 11eb5bc8_eb7c_bf16_bcf8_d743ede138b1_SM2615_11 (where LF is the hours he spends fishing), and his production of coconuts is determined by 11eb5bc8_eb7c_bf17_bcf8_6992933c2dee_SM2615_11 (where LC is the time he spends picking coconuts). Assuming that Robinson decides to work an eight-hour day (that is, H = 16), graph his production possibility curve for fish and coconuts. Show his optimal choices of those goods.

Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

النسخة 12الرقم المعياري الدولي: 978-1133189022

Intermediate Microeconomics and Its Application 12th Edition by Walter Nicholson,Christopher Snyder

النسخة 12الرقم المعياري الدولي: 978-1133189022

تمرين 13

Robinson Crusoe obtains utility from the quantity of fish he consumes in one day (F), the quantity of coconuts he consumes that day (C), and the hours of leisure time he has during the day (H) according to the utility function:
Utility = F 1/4 C 1/4 H 1/2
Robinson's production of fish is given by

(where LF is the hours he spends fishing), and his production of coconuts is determined by

(where LC is the time he spends picking coconuts). Assuming that Robinson decides to work an eight-hour day (that is, H = 16), graph his production possibility curve for fish and coconuts. Show his optimal choices of those goods.

التوضيح

موثّق

Robinson's production function is given ...