Robinson Crusoe Has Exactly 12 Hours Per Day to Spend

question 5

Multiple Choice

Robinson Crusoe has exactly 12 hours per day to spend gathering coconuts or catching fish.He can catch 3 fish per hour or he can pick 12 coconuts per hour.His utility function is U(F, C) = FC, where F is his consumption of fish and C is his consumption of coconuts.If he allocates his time in the best possible way between catching fish and picking coconuts, his consumption will be the same as it would be if he could buy fish and coconuts in a competitive market where the price of coconuts is $1, his income is

• A)$144 and the price of fish is $4.
• B)$144 and the price of fish is $.33.
• C)$36 and the price of fish is $3.
• D)$180 and the price of fish is $3.
• E)$90 and the price of fish is $.33.

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Definitions:

Palette

A thin board with a thumb hole at one end on which an artist lays and mixes colors; any surface so used. Also, the colors or kinds of colors characteristically used by an artist. In ancient Egypt, a slate slab used for preparing makeup.

Narmer

An ancient Egyptian pharaoh who is believed to have unified Upper and Lower Egypt, often associated with the Narmer Palette.

God-King

A ruler who is considered to be both a god and a king, embodying the divine right to govern.

Mastaba Tombs

Ancient Egyptian tombs of rectangular shape, featuring a flat roof and underground burial chambers.