Introductory Microeconomics – ECON 1110 Homework Assignment #1 CHANGED This homework assignment is due at the start of class on Tuesday, Sept 16. You are permitted to work in small groups, but you must submit your individual answers. Please be neat, or else you may not receive full credit. On any graphs you must correctly label all axis with the appropriate units of measure. 1. Toby loves to fish, and he is extremely good at it. He lives along the banks of a good salmon river. If Toby spends all of his time fishing he can catch 10 fish per day. Toby also lives near wild apple trees. If Toby spends all of his time searching for apples he can collect 20 apples per day. Toby can obtain fish or apples in any linear combination between these two extreme amounts of fish and apples. Candice loves to pick apples, but she lives in the desert. If she spends all of her time fishing she can catch 4 fish per day. If she spends all of her time picking apples she can collect 2 apples per day. Candice can obtain any linear combination of apples
This is the end of the preview.
access the rest of the document.