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(F), the quantity of… Show more Robinson Cruse obtains uti

Paper help Economics (F), the quantity of… Show more Robinson Cruse obtains uti

Economics

(F), the quantity of… Show more Robinson Cruse obtains uti

(F), the quantity of… Show more Robinson Cruse 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 = U(F, C, H) = (F^1/4)(C^1/4)(H^1/2) . Robinson%u2019s production of fish is given by F = sqrt(LF), where LF is the hours he spends fishing; and his production of coconuts is determined by F = sqrt(LC), where LC is the hours he spends picking coconuts. Assume that Robinson decides to work an eight-hour day (i.e., H = 16), graph his production possibility frontier for fish and coconuts. Show his optimal choices of those goods. Hint: By the symmetry between F and C, his optimal choices must be equal • Show less

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