You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued. You can either use your time to grow food to consume immediately, or to build new tools and buildings (capital) which will increase your supply of food in future years. a) Sketch your initial production function (total output of food + capital in terms of your labour input), and show how to turn this into a feasible set. Show your optimal choice of how you spend your time, assuming you initially consume everything you produce.
You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued. You can either use your time to grow food to consume immediately, or to build new tools and buildings (capital) which will increase your supply of food in future years. a) Sketch your initial production function (total output of food + capital in terms of your labour input), and show how to turn this into a feasible set. Show your optimal choice of how you spend your time, assuming you initially consume everything you produce.
Chapter1: Introducing The Economic Way Of Thinking
Section: Chapter Questions
Problem 3SQ
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Hi can you please help with following questions I am not sure how to solve them please assist with question A
You are the sole survivor of a shipwreck on a desert island. You do not expect to be rescued.
You can either use your time to grow food to consume immediately, or to build new tools and
buildings (capital) which will increase your supply of food in future years.
a) Sketch your initial production function (total output of food + capital in terms of your
labour input), and show how to turn this into a feasible set. Show your optimal choice
of how you spend your time, assuming you initially consume everything you produce.
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