Econ. 1 and 2 HW Assign. #1 Name and class daytime You lose one point if you do not have your name above. 1. Draw the budget constraint for someone with $10 going into the store to buy only apples and oranges. Oranges cost $2 each and apples cost $1 each. Be sure to label your axis, but you only have to put numbers at the two endpoints. (This question is worth 1 point) 1o 2. Below is a table of production for a 3 person kingdom that makes televisions and radios. The for the numbers show each worker's individual productivity for each good. Fill in the blanks column of radios lost per television gained. Then write a 1, 2, or 3, on the blank line next to each worker to show the efficient order to transfer them from making radios to television. (This question is worth 3 points.) Televisions Radios Radios Lost Per TV gained Albert 12 12 Barbara 6 Craig 3. If you drew a PPF for the society above, what would be the two endpoints. List the two answers as ordered pairs, for example (7 radios, 9 TVs) and (4 radios and 15 TVs). You not have to draw the PPF yet. (This question is worth 1 point.)

Econ. 1 and 2 HW Assign. #1 Name and class daytime You lose one point if you do not have your name above. 1. Draw the budget constraint for someone with $10 going into the store to buy only apples and oranges. Oranges cost $2 each and apples cost $1 each. Be sure to label your axis, but you only have to put numbers at the two endpoints. (This question is worth 1 point) 1o 2. Below is a table of production for a 3 person kingdom that makes televisions and radios. The for the numbers show each worker's individual productivity for each good. Fill in the blanks column of radios lost per television gained. Then write a 1, 2, or 3, on the blank line next to each worker to show the efficient order to transfer them from making radios to television. (This question is worth 3 points.) Televisions Radios Radios Lost Per TV gained Albert 12 12 Barbara 6 Craig 3. If you drew a PPF for the society above, what would be the two endpoints. List the two answers as ordered pairs, for example (7 radios, 9 TVs) and (4 radios and 15 TVs). You not have to draw the PPF yet. (This question is worth 1 point.)

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 1PA

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Robinson Crusoe lives in an island. There are onlytwo food sources in this island: coconut and berries. There is no money in the island but Robinsonuses his time to collect coconuts and berries. He sleeps 8 hours in a day. Collecting a coconut takes2 hours. Picking a pound of berries takes one hour. 1. Considering the food collection times as the prices in the island, write the budget line equationand draw Robinson’s budget line graphically. Specify the intercepts and the slope in the budgetline on the graph.Robinson falls from coconut tree and injures his leg. After the injury collecting coconut takes longer.He can only collect a coconut in 4 hours, but he can still pick berries at the same pace as before. 2. What happens to Robinson’s budget line? Show on the graph. Robinson’s injury makes him more sleepy. Now he sleeps 12 hours in a day. 3. What happens to Robinson’s budget line? Show on the graph.Two weeks after the injury, Robinson’s leg is slightly better, and he sleeps 8 hours…