In the Specific Factors Model, suppose there are 1000 workers.
MPLM=250－0.2LM; MPLF=350－0.3LF. PM=PF=1.
Determine the Labor used in manufactures and the income of capital owners.
Determine the Labor used in food and the income of landowners.
What is the equilibrium relative price of manufactures?
In the Specific Factors Model, suppose there are 1000 workers.
MPLM=250－0.2LM; MPLF=350－0.3LF. PM=2,PF=1.
Determine the Labor used in manufactures and the income of capital owners.
Determine the Labor used in food and the income of landowners.
What is the equilibrium relative price of manufactures?
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