Reference no: EM13232486
Consider an economy with just one technique available for the production of each good, food and cloth:
Good Food Cloth
labor per unit output 1 1
labor per unit output 2 1
a. supposing land is unlimited but labor equals 100, write and sketch the production possibility frontier.
b. supposing labor is unlimited but land equals 150, write and sketch the production posibility fronteir
c. supossing labor equals 100 and land equals 150, write and sketch the production possibiliyt frontier.
(hint: what are the intercepts of the production possibility frontier? when is land fully employed?, labor?both?)
d. explain why the production possibility frontier of part c is concave.
e. sketch the realtive price of food as a function of its output in part c.
f. if consumers insist on trading four units of food for five units of cloth, what is the relative price of food? Why?
g.Explain why production is exactly the same at a price ratio of Pf/Pc = 1.1 as at Pf/Pc = 1.9.
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: d. explain why the production possibility frontier of part c is concave. e. sketch the realtive price of food as a function of its output in part c. f. if consumers insist on trading four units of food for five units of cloth, what is the relative pr..
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