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SF means Specific Factors Model in Economics. Thanks! f2: (20 points) SF MODEL: Using the model in 1. (5 points) a) What happens to real

SF means Specific Factors Model in Economics. Thanks!

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\f2: (20 points) SF MODEL: Using the model in 1. (5 points) a) What happens to real returns to labour, owners of capital, and owners of land if the price of AG rises by 10%. Will real wages rise? Will owners of capital be better off? Owners of Land? Show and explain. (5 points) b) What happens to real returns to labour, owners of capital, and owners of land if the productivity in AG rises by 10%? Will real wages rise? Will owners of capital be better off? Owners of Land? Show and explain. (5 points) (3) What happens to real returns to labour, owners of capital, and owners of land if the Quantity of LE1 used in AG rises by 10%? Will real wages rise? Will owners of capital be better off? Owners of Land? Show and explain. (5 point) (:1) What happens to real returns to labour, owners of capital, and owners of land if the price of AG rises by 10% and the price of MANU rises by 10%. Will real wages rise? Will owners of

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