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 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.

• A)His income is $168 and the price of fish is $3.
• B)His income is $56 and the price of fish is $4.
• C)His income is $224 and the price of fish is $4.
• D)His income is $168 and the price of fish is $.25.
• E)His income is $112 and the price of fish is $.25.

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Definitions:

Drinking Water

Water that is safe and suitable for consumption by humans and animals.

Operant Conditioning

A teaching process in which the force of a response is influenced by either encouragement or disciplinary actions.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired: a response which is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Trial and Error

Trial and error is a fundamental method of solving problems characterized by repeated, varied attempts which are continued until success, or until the agent stops trying.