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Zoe works as wedding photographer and earns $22 per hour.
So, each hour Zoe spends on collecting fossils, she loses $22.
The opportunity cost of 1 hour of fossil collection is $22.
Following is the required table -
|Hours per day||Total fossils per day||Marginal product||
Lowest price Zoe would accept per hour
(Opportunity cost of 1 hour/marginal product)
|1||6||6||(22/6) = $3.67|
|2||11||5||(22/5) = $4.40|
|3||15||4||(22/4) = $5.50|
|4||18||3||(22/3) = $7.33|
|5||20||2||(22/2) = $11|
The relationship between the lowest price and the number of fossils collected is referred to as the Supply curve.
Zoe is trying to decide how to divide her time between her job as a wedding photographer, which pays $22 per hour for a...