ps1 - You can grow your own apples to sell as shown in the...

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ECON1001: Principles of Microeconomics (Non-major) Fall 2007 Problem set #1 Please drop off to Moyin’s mailbox at 9/F, KKL Building , according to your sub- classes Note : Moyin has 3 mailboxes! Please don’t submit your assignments to lecturers! LATE ASSIGNMENTS WILL NOT BE GRADED. Name: Student ID: (Please print) Subclass: ECON1001 C / D / E / F / G / H (circle one) Lecturer: Dr S. Démurger / Dr Y.K. Fan / Dr M. Lo (circle one) 1. Short answer question (Write your answers overleaf. Please present your calculations in table format. Do not write more than 50 words.) Due date: 5pm. Friday, 14 Sept. 2007 You own and manage your own fruit stand.
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Unformatted text preview: You can grow your own apples to sell as shown in the following table or you can buy apples at a price of $0.20 per pound for retailing. For every hour you work growing apples, you must pay someone $6 per hour to run the fruit stand. How much time will you spend growing apples? (Hints: Let’s assume ‘5 hours’ is a unit and indivisible , i.e. once you decided to grow apples, the first 200 pounds will not ‘appear’ from the trees until you finish the 5 th hour. And this assumption remains for the rest of the production.) Hours worked Total Pounds of apple 0 0 5 200 10 400 15 500 20 620 25 680 30 700 35 720 40 730...
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This note was uploaded on 10/02/2011 for the course ECON 1001 taught by Professor S.c during the Spring '10 term at HKU.

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