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In the McFadden Company, the relationship among output (Q) and the number of hours of skilled labor (S) and unskilled labor (U) is
Q = 300S +200U – 0.2S 2 -0.3U 2
Marginal Product of Skilled labor = 300 – 0.4S
Marginal Product of Unskilled labor = 200 – 0.6U
The hourly wage of skilled labor is $10 and the hourly wage of unskilled labor is $5. The firm can hire as much labor as it wants at these wage rates.
Labor hours required to produce one unit of cloth in the united kingdom is 6. The labor hours required to produce one unit of cloth in the united states is 5. Which country has an absolute advantage of producint wheat In producing cloth
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