Question
In the land of mordor, the dark lord sauron rules over a large population of orcs.. orcs produce weapons (final output, y) with their own
In the land of mordor, the dark lord sauron rules over a large population of orcs.. orcs produce weapons (final output, y) with their own work (labor input L) and using steel (capital input k), which they accumulate over time.
to prepare his army for the upcoming war against the free people of middle-earth, sauron creates a new technology (A): in the fires of mount doom, he forges a master ring with extraordinary powers, the one ring (to rule them all), the ring enables him to produce more weapons for a given amount of steel and labor. for now, you can assume that the orc population is constant.
what impact does the creation of the one ring have on the steady state of the mordor economy? discuss, in particular, how this technology affects the number of weapons per orc.
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