Question

Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $22 per hour for as
many hours as she chooses to work, and as a fossil collector, in which her pay depends on both the price of fossils and the
number of fossils she finds. Earnings aside, Zoe is indifferent between the two tasks, and the number of fossils she can find
depends on the number of hours a day she searches, as shown in the table below:
a. Using this information, compute the lowest price that Zoe would accept per fossil in order to justify her spending more
time collecting fossils and less time working as a wedding photographer.
Instructions: Complete the table below. Enter your responses rounded to the nearest penny (two decimal places).
Hours
per day
1
Lowest price Zoe
Total fossils would accept per
per day
fossil
6
$
2
11
$
3
3
15
$
4
18
$
5
20
$

Answer 1

The lowest price Zoe would accept per fossil is

Hours per day    Lowest price Zoe would accept per fossil

1                                 $3.67

2                                 $4.40

3                                 $5.50

4                                $7.33

5                                 $11

The relationship between the lowest price and the number of fossils collected is called the supply curve.

What is the lowest price Zoe would accept per fossil?

In order to determine the  lowest price Zoe would accept per fossil we have to determine the marginal output of fossils per day and then divide the result by  $22.

Marginal output of fossils when :

• Fossils is 6 per day : 6
• Fossils is 11 per day : (11 - 6) / (2 - 1) = 5
• Fossils is 6 per day : (15 - 11) / (3 - 2 = 4
• Fossils is 6 per day : (18 - 15) / (4 - 3) = 3
• Fossils is 6 per day : (20 - 18) / (5 - 4) = 2

Lowest price :

• 22/6 = 3.67
• 22/ 5 = 4.4
• 22 / 4 = 5.5
• 22 / 3 =7.33
• 22 / 2 = 11

To learn more about supply curves, please check: https://brainly.com/question/26073189