ECO 304K - HW 1 - HW #1 Economics 304K: Introduction to...

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HW #1 Economics 304K: Introduction to Microeconomics Prof. Meg Ledyard Due 9/13/07 (25 Points total) Remember to type the homework except for charts and graphs. In order to get full credit, you must show all of your work. Homework is due in class on the date listed above. If you do not staple your homework, please include your name on all pages, and the number of pages on the first page. Question 1: (13 points) Jeff and Ryan are stranded on an island. Suppose there are two goods they can make and consume, sushi and onions. Jeff can produce one sushi in 20 min and one onion in 5 min. Ryan can produce one sushi in 45 min and one onion in 15 min. Suppose that there are 6 hrs for each of them to work on making sushi and onions. a. (1 point) Calculate the opportunity cost for Jeff for sushi. b. (1 point) Calculate the opportunity cost for Ryan for sushi. c. (1 point) Calculate the opportunity costs for Jeff for onions. d.
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ECO 304K - HW 1 - HW #1 Economics 304K: Introduction to...

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