Sheree_JohnsonII_BUS320

Sheree_JohnsonII_BUS320 - opportunity cost of your time is...

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Sheree M. Johnson II January 7, 2011 BUS302 Microeconomics Q1 2011 Problem 2.8: How Many Pints of Blackberries? The pleasure you get from each pint of freshly picked blackberries is $2.00. It takes you 12 minutes to pick the first pint, and each additional pint takes an additional 2 minutes (14 minutes for the second pint, 16 minutes for the third pint, and so on). The
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Unformatted text preview: opportunity cost of your time is $0.10 per minute. a. How many pints of blackberries should you pick? Illustrate with a complete graph. b. How would your answer to (a) change if your pleasure decreased by $0.20 for each additional pint ($1.80 for the second, $1.60 for the third, and so on)? Illustrate with a complete graph....
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