Chapter 6 Perfectly Competitive Supply: The cost side of the market Odd-numbered Qs. Q.3, 9 Please refer to “tutorial materials”
Problem #1, Chapter 6 (1)•Zoe is trying to decide how to divide her time between her job as a wedding photography, which pays $27 per hours for as many hours as she chooses to work, and as a fossil collector, in which her pay depends both on the price of fossils and the number of them she finds. Earnings aside, Zoe is indifferent between the two tasks, and the number of fossils she can find depends on the number of hours a day she researches, as shown in the table below.
Problem #1, Chapter 6 (2) Hours per day Total fossils per day 1 5 2 9 3 12 4 14 5 15
Solution to Problem #1 (1) • Derive a table with a price in dollar increments from $0 to $30 in the first column and the quantity of fossils Zoe is willing to supply per day at that price in the second column
Solution to Problem #1 (2) • In the first hour, Zoe can collect 5 fossils • If the price of a fossil is $5, Zoe can make a total $25 in an hour if she devotes all her time to collecting fossils,
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