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Tom Hanks was stuck in an island alone. Until somebody comes to rescue him, he has...

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Economics

Tom Hanks was stuck in an island alone. Until somebody comes torescue him, he has to live alone and fight for survival in theisland. Tom considers two things essential to his survival, rest(R) and food. The only food Tom can eat in the island is Fish(denoted by F).

Tom’s utility function is: U(R,F)=R.F

In order to get fish, Tom has to spend time fishing. Thefollowing production function gives the relationship between timespent by Tom in fishing and the number of fishes Tom can collect.Production function: F(T)=T ^(1/2)

Tom has a total of 24 hours in a day, so R+T=24.

How much time will Tom spend on fishing and how muchfish will Tom consume?

Answer & Explanation Solved by verified expert
3.9 Ratings (741 Votes)
Consider the given problem here the utility function of Tom is U RF where Rtime devoted to rest and Fthe amount of fish consumed The collection of fish    See Answer
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