Robinson Crusoe Has Exactly 14 Hours Per Day to Spend

question 19

Multiple Choice

Robinson Crusoe has exactly 14 hours per day to spend gathering coconuts or catching fish.He can catch 5 fish per hour or he can pick 20 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)$280 and the price of fish is $4.
• B)$70 and the price of fish is $5.
• C)$350 and the price of fish is $5.
• D)$280 and the price of fish is $.20.
• E)$175 and the price of fish is $.20.

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Definitions:

Organizational Culture

The shared values, beliefs, and practices that characterize the environment and behavior within a business or organization.

Work Group

A collection of individuals who come together to achieve a specific goal or task, often collaborating and sharing responsibilities within an organizational setting.

Negative Reinforcement

A behavioral principle where the removal of an unpleasant stimulus following a specific behavior increases the likelihood of that behavior being repeated.

Employee Behavior

The actions and conduct of individuals within an organization, which can influence productivity, morale, and the work environment.