Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 01, 2024

Suppose a country, Dryland, uses a mobile factor Labor (L) and two specific factors Capital (K) and Land (N) to produce two goods, computer (C)

Suppose a country, Dryland, uses a mobile factor Labor (L) and two specific factors Capital (K) and Land (N) to produce two goods, computer (C) and Bread (B). Capital isspecific to production of computer whereas Land is specific to production of Bread.

D.Now suppose, due to technological advancement the price of computer in Dryland falls to $100. Calculate new labour allocation across sectors and new wage.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

=+less than 6.0 m wide and 6.15 m long. Should the manufacturers of landing pads treat these as specification or control limits? Explain.

Answered: 1 week ago

Question

★★★★★

Bigelow Corporation has total assets of $850,000, sales of $1,350,000, and one class of common stock with 375 shareholders, and a class of preferred stock with 250 shareholders, both of which are...

Answered: 1 week ago

Question

★★★★★

The following data apply to Garber Industries, Inc. (GII): (Value of operations ... $1,000) ; (Short-term investments ... $100) ; ( Debt ... $300) ; ( Number of shares ... 100) ... The company plans...

Answered: 1 week ago

Question

★★★★★

LINK FOR THE DATASET: https://drive.google.com/file/d/12q6CI7sY5L7rIoPKxp0HZmInhI7hISE0/view?usp=sharing Reference for the Dataset:...

Answered: 1 week ago

Question

★★★★★

Flyaway Rural Airlines is planning to add the following three aitcraft to its fleet, an Airbus, a Boeing and an fimbraer, with the following characteristic: Part A: Calculate the weighted average...

Answered: 1 week ago

Question

★★★★★

Nithya is setting up QuickBooks Online for the first time. When would she enter an opening balance? Select an answer: when a customer has a balance in her previous accounting system when she wants to...

Answered: 1 week ago

Question

★★★★★

You are a chairperson of source selection, evaluation board for a new jet engine. You had to brief a SSEB member on the procedures for protecting source selection, information what procedures would...

Answered: 1 week ago

Question

★★★★★

Hi-Tech Commerce Co. (HTC) sells and provides service of efficient end-to-end communications and IT systems and solutions. One of the company's key products and services includes Telecom and IT...

Answered: 1 week ago

Question

★★★★★

2) See each part for the question to answer. a) Paulette is looking to decide which of two online ad campaigns (lets call them A and B) would generate the highest purchase conversion. Describe how...

Answered: 1 week ago

Previous Question Next Question