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Author Question: In the movie Cast Away, Tom Hanks plays a FedEx efficiency expert stranded on a deserted island. ... (Read 464 times)

Kthamas

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on: Jun 29, 2018
In the movie Cast Away, Tom Hanks plays a FedEx efficiency expert stranded on a deserted island. While on the island, he divides his time between catching fish, gathering coconuts, painting, and building a raft.
 
  Suppose that these were Mr. Hanks' only activities. Did he face an opportunity cost from pursuing any of these activities? Why or why not?

Question 2

The tables above show the marginal costs and benefits from production of paper. The efficient level of output is ________ of paper.
 
  A) 1,600 tons
  B) 2,400 tons
  C) 3,200 tons
  D) 4,000 tons


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Sierray

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Yes, Mr. Hanks faces an opportunity cost from all of these endeavors. If he decides to use his time catching fish, he cannot gather coconuts, paint, or build a raft. Whatever he would have been otherwise doing is his opportunity cost of catching fish. Similarly, time spent on building his raft means less time painting, or fewer coconuts for breakfast, or fewer fish for dinner.

Answer to Question 2

B


Kthamas

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Reply 2 on: Jun 29, 2018
Gracias!

frankwu0507

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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