1) Complete the table. Please note that the world price of T in terms of S is 1,2 and GDP calculated in terms of S. (1T=1,2 S) After Growth Percentage Change 2925 Before Growth Production of T Consumption of T Export of T Production of S Consumption ofS Import of S 2250 900 810 1800 TOT 1,2 1,2 GDP b) What happened to K/L ratio in this country and what are the effects of the new K/L ratio on its production pattern and trade volume. Explain.

1) Complete the table. Please note that the world price of T in terms of S is 1,2 and GDP calculated in terms of S. (1T=1,2 S) After Growth Percentage Change 2925 Before Growth Production of T Consumption of T Export of T Production of S Consumption ofS Import of S 2250 900 810 1800 TOT 1,2 1,2 GDP b) What happened to K/L ratio in this country and what are the effects of the new K/L ratio on its production pattern and trade volume. Explain.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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