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Robinson Crusoe Has Exactly 14 Hours Per Day to Spend

question 19

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Robinson Crusoe has exactly 14 hours per day to spend gathering coconuts or catching fish.He can catch 4 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.


Definitions:

Southern Christian Leadership Conference

An African-American civil rights organization founded in 1957, notably led by Martin Luther King Jr., aimed at ending segregation and achieving racial equality.

Montgomery Bus Boycott

A pivotal civil rights protest in 1955-1956 in Montgomery, Alabama, where African Americans refused to ride city buses, opposing racial segregation and catalyzing further movements for equality.

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Moral and ethical codes of conduct derived from Christian teachings.

United States Information Agency

A government agency responsible for disseminating pro-American propaganda and information abroad during the Cold War era.

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