Robinson Crusoe Has Exactly 8 Hours Per Day to Spend

question 22

Multiple Choice

Robinson Crusoe has exactly 8 hours per day to spend gathering coconuts or catching fish.He can catch 2 fish per hour or he can pick 8 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)$64 and the price of fish is $4.
• B)$64 and the price of fish is $.50.
• C)$16 and the price of fish is $2.
• D)$80 and the price of fish is $2.
• E)$40 and the price of fish is $.50.

Comprehend how compensation systems can be designed to enhance organizational performance.

Understand the impact of organizational culture and values on employee selection and performance.

Analyze the role of technology in transforming HRM practices.

Appreciate the importance of ethical behavior and social responsibility in HRM.

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Definitions:

Null Hypothesis

A statement in statistical hypothesis testing that assumes there is no significant difference or association between specified populations, any observed difference being due to sampling or experimental error.

Worldview I

The fundamental cognitive orientation of an individual or society encompassing the entirety of the individual or society's knowledge and point of view.

Objectively Measurable

Qualities or phenomena that can be quantified or evaluated by objective criteria rather than by personal feelings or opinions.

Rationalism

A philosophical stance asserting that reason is the chief source and test of knowledge, as opposed to empirical evidence.