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What is the magnitude of surplus labor

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The traditional sector can produce a maximum of 100 million kg of food. Suppose the number of workers in this sector is 75 million.

Then, what would be the wage rate in the traditional sector?

According to the Lewis model, what is the magnitude of surplus labor? Do the producers in this sector make their decisions on the basis of profit maximization?

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Reference no: EM131131707

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