Problem #1 Production Possibilities Curve Two fields can be planted on Robinson Crusoe's island. Each can be used to grow oranges or apples. If Field A is planted entirely with oranges, it will...

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Problem #1 Production Possibilities Curve Two fields can be planted on Robinson Crusoe's island. Each can be used to grow oranges or apples. If Field A is planted entirely with oranges, it will produce 2 bushels (bu.) of oranges. If A is planted entirely with apples, it will yield 4 bu. of that crop. For Field B, the numbers are reversed: B will produce 4 bu. of oranges if entirely planted with oranges, or it will produce 2 bu. of apples if entirely devoted to that crop. IF A FIELD IS SPLIT BETWEEN THE TWO CROPS, the output of each crop from that field will be proportional to the fraction of the field planted in that crop. For example, if half of B is planted with each crop, then it will produce 2 bu. of oranges and 1 bu. of apples. a) What is the island's maximum possible output of oranges? __________ b) Graph your answer in a) on the axes found on the next page and label it point H. (Put oranges on the horizontal axis and apples on the vertical axis). c) What is the island's maximum possible output of apples? __________ d) Graph your answer in c) on the axes found on the next page and label it point J. Now, suppose that Crusoe is at point J (producing only apples) and that he now wishes to produce some of both crops. e) What is the opportunity cost of oranges (measured in terms of apples given up).... on Field A? ______on Field B? ______ f) If Crusoe shifts field A to orange production, production on both fields will equal... ____ bu. of Oranges and _____ bu. of Apples. Graph this point & label it POINT K. g) If instead, he shifted Field B to oranges, leaving A in apples, he will produce... ____ bu. of Oranges and _____ bu. of Apples. Graph this point & label it POINT L. h) Form Crusoe's production possibilities curve by connecting the appropriate points with STRAIGHT LINE segments. LABEL it PPC1. i) Finally, suppose that a new field, Field C, is discovered on the island. C is capable of producing 1 bu. of oranges if planted all in oranges or 1 bushel of apples if planted all in apples. Draw the new PPF and label it PPF2. APPLES ORANGES Problem #2 Supply and Demand a) The following table shows daily the daily demand schedule for fish in early 2020 during the pandemic shutdown. On the graph below, plot the points on the demand curve for fish based upon this table, and label the demand curve D1. Assume that all the factors affecting the demand for fish are held constant. b) The supply for fish is represented by the straight line: P = 4 + 2Q. Graph supply and label it S. Assume that all other factors affecting the supply of fish are constant. c) The equilibrium price and quantity of fish are: P = __________Q= __________ d) Now suppose that the economy begins to recover, and more people go back to work. With more hours worked incomes generally increase. While supply remains unchanged, the new demand schedule curve for fish is: GRAPH the new DEMAND CURVE, and label it D2. e) The new equilibrium price and quantity are.... P = _______, Q =_________. f) What term describes the relationship between the quantity demanded of fish and income. Explain. PRICE QUANTITY Econ 300 Homework 1.docx/Page 1 P1311975310 Q02468101210 P191715131197530 Q demanded024681012141619