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4.Ftn economy can produce good 1 using labor and capital and good 2 using labor and land. The total supply of labor is 100 units.
4.Ftn economy can produce good 1 using labor and capital and good 2 using labor and land. The total supply of labor is 100 units. Given the supply of capital, the outputs of the two goods depend on labor input as follows: Labor Input Output Labor Input Output of to Good 1 of Good 1 to Good 2 Good 2 0 0.0 0 0.0 10 25.1 10 39.8 20 33.] 30 52.5 30 48.6 30 61.8 40 57.? 40 69.3 50 66.0 50 75.8 60 T36 60 81.5 '30 80.1}' 70 86.? 80 37.4 30 91.4 90 93.9 90 95.9 100 100 100 100 a. Graph the production functions for good 1 and good 2. b. Graph the production possibility frontier. Why is it curved? 5. \"The world's poorest countries cannot nd anything to export. There is no resource that is abundantcertainly not capital or land, and in small poor nations not even labor is abundant.\" Discuss
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