Draw the graphs, 3 different graphs, one per question. take a picture and upload here
Drawing Graph Question
1. Suppose you are stranded on an island by yourself and must therefore produce all the goods you consume. You consume fish and mangoes exclusively. If you devote all your available time to catching fish, you can catch 100 units of fish in a week. If you devote all your available time collecting mangoes, you can find 200 mangoes a week.
a. Imagine it is possible for you to divide your time between fishing and collecting mangoes. Draw a sketch of your production possibility frontier for a week, placing mangoes on the X axis and fish on the Y axis. Indicate where you would be standing if you were to divide your time equally between fishing and getting mangoes.
b. Now sketch your production possibility frontier for a two-week period. Describe what happens to you PPF when you increase the amount of time available for production.
c. Now imagine you invent a fish net that enhances your ability to catch fish. With the fish net you can increase your total amount of fish to 200 per week if you spend all your time catching fish. Your invention has no effect on your ability to collect mango’s. Sketch your new production possibility frontier.
