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Draw an example of a production possibilities frontier for Robinson Crusoe, a shipwrecked sailor who spends his time gathering coconuts and catching fish. Does this frontier limit Crusoe’s consumption of coconuts and fish if he lives by himself? Would he face the same limits if he could trade with natives on the island?

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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
Chapter 3.1, Problem 1QQ
Textbook Problem
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Draw an example of a production possibilities frontier for Robinson Crusoe, a shipwrecked sailor who spends his time gathering coconuts and catching fish. Does this frontier limit Crusoe’s consumption of coconuts and fish if he lives by himself? Would he face the same limits if he could trade with natives on the island?

To determine
The graphical representation of production possibility frontier.

Explanation of Solution

Figure -1 illustrates the production possibility frontier for the two different goods.

Figure 1 illustrates the amounts of coconut and fish that Robinson Crusoe can gather or catch...

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