Question

1. After a boat rescues everyone else from Gilligan's Island, the Professor and Gilligan remain behind, afraid of getting shipwrecked again with the same bunch of people. The Professor grows coconuts and catches fish. Last year he harvested 1,000 coconuts and caught 500 fish. He values one fish as worth two coconuts. The Professor gave 200 coconuts to Gilligan in exchange for help in the harvest, and he gave Gilligan 100 fish in exchange for collecting worms for use in fishing. The Professor stored 100 of his coconuts in his hut for consumption at some future time. Gilligan consumed all his coconuts and fish.

In terms of fish, what is the GDP of Gilligan's Island? What are consumption and investment? What are the incomes of the Professor and Gilligan? Explain and show your work.

Answer 1

GDP on qilioni istand Eohmount of luonut and fuk hee Cornungteo en Gilla tar ndumgtioo on Gillians stand- GoPenGellian İsland)-Envestment en(rillons uslod ooo fixh -o fuh , 1000 fish.

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