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Robinson Crusoe Has Exactly 10 Hours Per Day to Spend

question 34

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Robinson Crusoe has exactly 10 hours per day to spend gathering coconuts or catching fish.He can catch 3 fish per hour or he can pick 6 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.

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Definitions:

Biopsychologist

A scientist who studies the biological basis of behavior, often exploring how the brain and nervous system influence thoughts, feelings, and actions.

Nervous System

The network of nerve cells and fibers that transmits nerve impulses between parts of the body, essential for sensing, thinking, and controlling muscles.

Behavior

Observations of an individual's actions and reactions in various situations, often studied in psychology to understand the underlying mechanisms and influences.

Industrial-Organizational Psychology

The scientific study of human behavior in the workplace and applies psychological theories and principles to organizations and individuals within those organizations.

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