In the short-run specific-factors model, examine the impact on a small country following a natural disaster that
Question:
a. In a diagram similar to Figure 5-2, determine the impact of the decrease in the workforce on the output of each industry and the equilibrium wage.
b. What happens to the rentals on capital and land?
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a The following diagram depicts a decrease in population labor in the specificfactors model The orig...View the full answer
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Related Book For 
International Economics
ISBN: 978-1429278447
3rd edition
Authors: Robert C. Feenstra, Alan M. Taylor
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