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On a Tropical Island There Are 100 Potential Boat Builders

question 34

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On a tropical island there are 100 potential boat builders, numbered 1 through 100.Each can build up to8 boats a year, but anyone who goes into the boatbuilding business has to pay a fixed cost of $7.Marginal costs differ from person to person.Where y denotes the number of boats built per year, boat builder 1 has a total cost function c(y) = 7 + y.Boat builder 2 has a total cost function c(y) = 7 + 2y, and more generally, for each i, from 1 to 100, boat builder i has a cost function c(y) = 7 + iy.If the price of boats is 15, how many boats will be built per year?

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Definitions:

Unconscious Mind

The segment of the mind that cannot be reached by the conscious awareness yet influences one's actions and feelings.

Karen Horney

A German psychoanalyst recognized for her contributions to understanding neurosis, the development of personality, and the idea of "basic anxiety."

Psychodynamic Perspective

A psychological approach that emphasizes unconscious psychological processes and contends that childhood experiences are crucial in shaping adult personality.

Conscious

Having the awareness and thought capacity regarding one's own life, sensory experiences, thought patterns, environment, and personal moments.