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Use the figure below for HOME.Assume MANU uses capital (K) and AG uses land (T) as their specific factor.Let labour be mobile. Label the figure
Use the figure below for HOME.Assume MANU uses capital (K) and AG uses land (T) as their specific factor.Let labour be mobile.Label the figure and explain how to determine the equilibrium Labour Allocations and returns to labour, capital owners, and land owners.Be sure to define equilibrium, explain the process, and give the details.(Hint:use the labeled areas to the wage bill, revenues, and returns to capital and land.)
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