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International Trade Homework

Étude de cas : International Trade Homework. Rechercher de 53 000+ Dissertation Gratuites et Mémoires

Par   •  3 Avril 2020  •  Étude de cas  •  1 311 Mots (6 Pages)  •  562 Vues

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Problem 2

An economy can produce good 1 using labor and capital and good 2 using labor and land. The total supply of labor is 100 units. Given the supply of capital, the outputs of the two goods depend on labor input as follows: Labor Input to Good 1 Output of Good 1 Labor Input to Good 2 Output of Good 2

Labor Input to Good 1

Output of Good 1

Labor Input to Good 2

Output of Good 2

0

0.0

0

0.

10

25.1

10

39.8

20

38.1

20

52.3

30

48.6

30

61.8

40

57.7

40

69.3

50

66.

50

75.8

60

73.6

60

81.5

70

80.7

70

86.7

80

87.4

80

91.4

90

93.9

90

95.9

100

100

100

100

a.Graph the production functions for good 1 and good 2.

b.Graph the production possibility frontier. Why is it curved?

Answer

Labor Input to Good 1

Output of Good 1

Labor Input to Good 2

Output of Good 2

0

0

0

0

10

25.1

10

39.8

20

38.1

20

52.3

30

48.6

30

61.8

40

57.7

40

69.3

50

66

50

75.8

60

73.6

60

81.5

70

80.7

70

86.7

80

87.4

80

91.4

90

93.9

90

95.9

100

100

100

100

...

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