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Imagine a country with two specific factors land and capital and one mobile factor of production labor. In this economy there are two industries each of which uses one specific factor and both industries use mobile factor labor.
1) How is labor allocation between two sectors determined in this model?
2) Show the domestic equilibrium using PPF.
3) Show what happens to this equilibrium if the price of a product produced bycapital- specific industry rises and that of the other remains constant.
4) With this relative price change, what happens to income distribution inside the country?
5) Using this insight, can you say what happens to income distribution in this model once the country is opened for trade? Which specific factors gain and which one loses? What happens to labors’ income?
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The labor market for NBA players is perfectly competitive. The Labor Supply curve is Q= -20+3w. The marginal expenditure curve is ME= (2Q+20)/3. The Labor Demand curve is Q=125-2w. The Marginal Curve is MR= (125-2Q)/2. Both the players and owners do ..
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Why would a country include offshore assembly provisions in its tariff code? Post to the discussion board your 200 word answer, focusing on selecting and organizing your most relevant comments in a coherent fashion
Nature's Green, Inc., a manufacturer of alfalfa tablets sold in health-food stores, currently operates just outside of Meno, California. Nature's Green is considering two alternative proposals for expansion, because it has run out of acreage to grow ..
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