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Problem 2. Read your class notes (this topic is NOT covered in the text and was only covered in class.) In the spaces below write the last 6 digits of your student ID number below and cross out any zeros. Put the first four non zero numbers in the spaces below 1 (A) 4 (B) 1 (C) 8 (D) (Example: If your student number is 0678031 this line should be 6 (A) 7(B)8(C)3(D) Using the set of number generated from your student ID number above create the following parameters to use in solving a Specific Factor Model. An economy has two sectors, a food (denoted by F ) sector and a manufacturing sector (denoted by M ). The food sector uses a specific factor, land (denoted by a T ), and a mobile factor, labour (denoted by LF ), to produce food. The manufacturing sector uses a specific factor, capital (denoted by a K ), and a mobile factor, labour (denoted by LM ), to produce manufactured goods. The marginal products of labour in producing food and manufactured goods are MPLF=10ALFMPLU=20CLU Where A and C in the equations are the digits from your student ID number. Let the price of a unit of food be given by B and the price of a unit of manufactures by D. The labour force, L=LF+LM, is given by 10x(A+C) where A and C are again digits from your ID number. (Example: using the sample values 6(A)7(B)8(C)3(D) we have MPLF=60LF,MPLU=160LM,L=140,PF=7, and PM=3, And labour demands (value of marginal product) are PFMPLF=4207LF,PMMPLV=4803LM i) Graph the two value of marginal product curves on the same graph (as in class and class notes) with the labour force on the horizontal axis. Correctly label the intercepts of the two curves on the horizontal and vertical axes. (Note that given the length of the horizontal axis either or both of the value of marginal product curves may not have a horizontal intercept.)\$\$ Labour ii) Determine the equilibrium nominal wage and the labour force in manufacturing and food production. Show this on your graph above. Show your work Nomimal wage = LF= LM= Problem 2. Read your class notes (this topic is NOT covered in the text and was only covered in class.) In the spaces below write the last 6 digits of your student ID number below and cross out any zeros. Put the first four non zero numbers in the spaces below 1 (A) 4 (B) 1 (C) 8 (D) (Example: If your student number is 0678031 this line should be 6 (A) 7(B)8(C)3(D) Using the set of number generated from your student ID number above create the following parameters to use in solving a Specific Factor Model. An economy has two sectors, a food (denoted by F ) sector and a manufacturing sector (denoted by M ). The food sector uses a specific factor, land (denoted by a T ), and a mobile factor, labour (denoted by LF ), to produce food. The manufacturing sector uses a specific factor, capital (denoted by a K ), and a mobile factor, labour (denoted by LM ), to produce manufactured goods. The marginal products of labour in producing food and manufactured goods are MPLF=10ALFMPLU=20CLU Where A and C in the equations are the digits from your student ID number. Let the price of a unit of food be given by B and the price of a unit of manufactures by D. The labour force, L=LF+LM, is given by 10x(A+C) where A and C are again digits from your ID number. (Example: using the sample values 6(A)7(B)8(C)3(D) we have MPLF=60LF,MPLU=160LM,L=140,PF=7, and PM=3, And labour demands (value of marginal product) are PFMPLF=4207LF,PMMPLV=4803LM i) Graph the two value of marginal product curves on the same graph (as in class and class notes) with the labour force on the horizontal axis. Correctly label the intercepts of the two curves on the horizontal and vertical axes. (Note that given the length of the horizontal axis either or both of the value of marginal product curves may not have a horizontal intercept.)\$\$ Labour ii) Determine the equilibrium nominal wage and the labour force in manufacturing and food production. Show this on your graph above. Show your work Nomimal wage = LF= LM=