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.
Sign up
to
access the rest of the document.
 Fall '06
 WISSINK
 Economics, Microeconomics, Supply And Demand, Toby

Click to edit the document details