Verified Document

Scarcity As The Person Responsible Thesis

Related Topics:

If the rescue attempt does not materialize as expected, hunger will drive some people into irrational behavior that could compromise safety of the group, in particular if there is still some food. I-based my decision on the belief that we should plan for the six days until we are rescued. Essentially, if the rescue happens earlier, we have consumption below the efficient frontier since we would have food left over when the rescue ship arrives. If the rescue takes longer than six days, we will have run out of food. However, we will have optimal health at that point given the information at hand when the allocation decision was made. The frontier will have shifted, which means that we will have consumed beyond the actual frontier, although we consumed at the expected frontier.

For eight people and six days, efficient consumption is 2.083% of the food per day per person. This, then, is my allocation. This is not likely going to be enough food to satisfy each person on the island. However, if each person ate to their heart's content, we would likely starve. We could survive six days, but our health would be compromised. The benefit that underlies my decision then is survival. With a small amount of food each day, we can sustain ourselves (however poorly) until rescue occurs. A rationing device is needed. Typically, this is price, but can be other things such as government intervention. In this scenario, I represent the government as I have been given unique authority to make this decision. Thus, I am the rationing device, taking the place of government intervention in the marketplace (or replicating the Communistic role of government in the island's economy). The decision is based on the benefit that I have deemed most important. Survival trumps comfort and minor health risks. The...

(2010). Economics basics: Production possibility frontier, growth and opportunity cost and trade. Investopedia. Retrieved January 15, 2010 from http://www.investopedia.com/university/economics/economics2.asp
Arnold, R. (2008). Economics. Mason, OH: South-western Cengage Learning

Sources used in this document:
Works Cited:

No author. (2010). Economics basics: Production possibility frontier, growth and opportunity cost and trade. Investopedia. Retrieved January 15, 2010 from http://www.investopedia.com/university/economics/economics2.asp

Arnold, R. (2008). Economics. Mason, OH: South-western Cengage Learning
Cite this Document:
Copy Bibliography Citation

Related Documents

Reforms and Initiatives That Have
Words: 7819 Length: 28 Document Type: Research Proposal

Although further education teachers employed prior to this date are not required to attain this credentialing, they are being encouraged to do so in order to ensure their status as professional educators (Clancy 2007). There is a push to increase the rigor of the credentialing process for further education teachers as well. In this regard, Thompson recently observed that, "Further education lecturers are already allowed to teach post-16 and post-14

Energy Policy
Words: 2327 Length: 8 Document Type: Capstone Project

Energy Policy which reflects the urgency in order to utilize the renewable sources of energy which can provide an alternative for the non-renewable energy in United States of America. Global Energy Crises Worldwide energy consumption is at its highest peak and reports suggest that by the end of 2030 the world consumption will increase by 50%. To reduce their cost countries have now turn their attention from the expensive oil energy

Creative Powers It Is a
Words: 2842 Length: 9 Document Type: Term Paper

Full creativity allows the production of greater wealth, for a stronger and more evolved society. Further in defense of the moral systems or perceived lack thereof in terms of newly created wealth, D'Souza asserts that most wealth currently created is the result of personal effort, rather than means such as inheritance. The wealth can then indeed be seen as the reward for effort, rather than wealth as a result of

Social Workers' Perceptions Revised Social
Words: 4679 Length: 13 Document Type: Research Proposal

As the number of dementia patients with end-stage illness is increasing; a higher number of social workers will be required to treat them in the future. It is important to evaluate the behavioral patterns of social workers dealing with such patients. The main purpose of such research is to identify the possible causes for such behavior so that necessary measures can be taken to reverse the situation. Role of Hospice

Delphi Study Influence of Environmental Sustainability Initiatives...
Words: 17687 Length: 60 Document Type: Literature Review

Delphi Study: Influence of Environmental Sustainability Initiatives on Information Systems Table of Contents (first draft) Green IT Current Methods and Solutions Green IT and energy costs Green It and Email Systems Green IT and ICT Green IT and ESS Green IT and TPS Green IT and DSS Green IT and other support systems Green IT and GHG reduction Green IT and the Government Sector Green IT and the Corporate Sector Future Prospects of Green IT in the software industry The paper focuses on how the

Political Science History
Words: 6252 Length: 23 Document Type: Term Paper

conservative intellectual movement, but also the role of William Buckley and William Rusher in the blossoming of the youth conservative movement Talk about structure of paper, who not strictly chronologically placed (ie hayek before the rest) - in this order for thematic purposes, to enhance the genuiness of the paper (branches of the movement brought up in order of importance to youth conservative revolt) For instance, Hayek had perhaps the

Sign Up for Unlimited Study Help

Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.

Get Started Now