ECN 203 Lecture 3: Individual Choice Continued
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Table c: value of the marginal product (v) of each hour spent fishing. The correct explanation and graph is listed below. Table c: value of the marginal product (v) of each hour spent fishing-1. When adding the tu, you have to take into account the mu per each sh. So if you caught 3 st, fist 1= 80 mu + fish 2= 70 mu + fish 3= 60 mu. Value of the marginal product (v) for daily camping tasks (total utility in parenthesis) If she does not face scarcity, then she needs to decide when to stop producing. She will stop at the point where there is no additional utility to be gained. If we were to stop only at which no utility is gained, then we would spend: (vf = vpb = vcw = vc) = 0. This is assuming there is no scarcity of time (however, this is unreasonable)
