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Suppose that computers use two units of capital for each worker, so that KC = 2LC, while shoes use 0.5 units of capital for each worker, so that KS = 0.5LS. There are 100 workers and 100 units of capital in the economy. (a) Solve for the amount of labour and capital used in each industry. (b) Suppose the number of workers increases to 125 due to immigration, keeping total capital fixed at 100. Again, solve for the amount of labour and capital used in each industry. (c) Suppose the amount of capital increaes to 125 due to FDI, keeping the total number of workers fixed at 100. Solve for the amount of labour and capital used in each industry, again. (d) Explain how your results in (b) and (c) relate to the Rybczynski theorem
Describe and derive an expression for the marginal cost curve and describe and estimate the incremental costs of the extra 200 pairs per week (from 1,000 pairs to 1,200 pairs of shoes).
When price controls are imposed on any product market,
All of the following qualifies as capital in economics except
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