- Questions »
- Economics »
- Economics - Others »
- [Production and growth] Like Robinson Crusoe, Adam...
35+ Users Viewed
10+ Downloaded Solutions
Arizona, US Mostly Asked From
[Production and growth]
Like Robinson Crusoe, Adam was also left stranded on a tropical island called Kaela. Because he lives alone, he only gets to consume what he produces. He lives well if he is good at catching fish, growing vegetables, and making clothes. Otherwise, he lives poorly. Suppose that the activities of Adam in Kaela constitute a simple economy.
A. What particular determinant of productivity do economists have in mind if they have observed that how many fish Adam can catch depends partly on (i) how good he is at inventing new techniques for fishing; (ii) how many fishing poles he has; (iii) how plentiful fish are in the waters around the island; and (iv) how much training in catching fish he has?
B. An economist notices that the amount of fish Adam catches doubles as he acquires another fishing pole apart from his existing one, holding the amount of other inputs constant. How would you describe the "production function" of Adam?
Expert's Answer
Solution.pdf
Help us make our solutions better
Rate this solution on a scale of 1-5 star
X
Next Previous
Recent Questions in Economics - Others
- Q: Q.4.1 ?Explain, without a graph, the difference between a change in quantity demanded and a change in demand of ice cream in both winter and summer. Q.4.2 ?Indicate whether the following transactions are leakage or injections in the circular flow of... Posted 15 hours ago
- Q: A state legislature passes a law that makes technical college free to state residents. Once the law goes into effect, what is its likely impact on economic growth in the short run and in the long run? Assume the students who take advantage of free... Posted 15 hours ago
- Q: Consider the Closed Economy with no Government Participation Aggregate Expenditures: AE=C+I Personal Consumption Expenditures: C=314+0.78Y Gross Investment: I = 580 Note: When your answers have decimals, round to two (2) decimal places: Part 1: We... Posted 15 hours ago
- Q: Deriving the short-run supply curve Consider the perfectly competitive market for dress shirts. The following graph shows the marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves for a typical firm in the industry.... Posted 15 hours ago
- Q: Megan and Susan are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Megan takes 5 hours to brew a gallon of root beer and 3 hours to make a... Posted 15 hours ago
- Q: Consider a two-period model where a consumer's preferences are represented by: U(c1,c2)=c 0.8 c 0.4 where c1 is the quantity of current consumption goods and c2 is the quantity of future consumption goods. Consider a consumer whose income is y1=100... Posted 15 hours ago
- Q: Oligopoly (20 points) A duopoly faces a market demand function given by Q=200-0.5P, where Q=Q1+Q2. Both firms have a constant marginal cost MC=100. (a) (2 points) What is firm 2's profit-maximizing quantity, given that firm 1 produces an output of 30... Posted 15 hours ago
- Q: Question 2 Joe consumes two goods: coffee and cake. Coffee is priced at $4 a cup and cake is priced at $5 a slice. Joe has an income of $40 per week. a. Derive Joe's budget constraint and draw a clearly labelled diagram to depict this information. b.... Posted 15 hours ago
- Q: An article in the Wall Street Journal in 2017 about Venezuela notes that: "The economy has shrunk by an estimated 27% since 2013. The International Monetary Fund says inflation this year will hit 720%." Source: Matt Wirz, Kejal Vyas, and Carolyn Cui,... Posted 15 hours ago
- Q: In this problem we'll look at data from FRED to discuss inflation and quantity theory. Calculate the average growth rate for the Velocity of M2 money supply since 1985 using FRED. What does quantity theory predict that the average growth rate of the... Posted 15 hours ago
Submit your documents and get free Plagiarism reportPlagiarism Checker
more questions »
Ask A New Question
Copy and paste your question here...
Have a Referral code ?
Attach Files
Solve your Math Problem with one click