Question
Let f(L_A)=C (L_A)^1/3. Let total available labor be 1000, 20% of which is employed in industry. Suppose the price of the agricultural good is $1.
Let f(L_A)=C (L_A)^1/3. Let total available labor be 1000, 20% of which is employed in industry. Suppose the price of the agricultural good is $1. The wage in the rural sector is $2. Find the value of C such that the agricultural surplus is twice as large as the average agricultural surplus.
Choose answer between 400; 0; 160; 16
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The Americans An Economic Record An Economic Record
Authors: Stanley Lebergott
1st Edition
0393953114, 9780393953114
