Question
Suppose that 2 hours labor and 2 units capital are required to produce 1 yard of cloth in Australia, while 1 hour labor and 3
Suppose that 2 hours labor and 2 units capital are required to produce 1 yard of cloth in Australia, while 1 hour labor and 3 units capital required to produce 1 pound of food in Australia. Australia has a total of 2,000 labor and 3,000 capital.
Which product is labor intensive? Why?
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Environmental And Natural Resource Economics International Edition
Authors: Thomas H Tietenberg, Lynne Lewis
10th Edition
1292060794, 9781292060798
