1. An economy can produce Food using labor and capital and Cloth using labor and land. The total supply of labor is 50 units. Given the supply of capital, the Labor input in Output of Labor Food Output input in of Cloth Food Cloth outputs of the 2 goods depend on labor input as follows: a. Graph the production functions for Food and Cloth. b. Graph the production possibility frontier Chapter 4: Specific Factors and Income Distribution 0 5 10 15 20 25 30 35 40 45 50 0 27 38.5 47.3 56 65.7 74.5 82.4 88.2 94.1 100 0 5 10 15 20 25 30 35 40 45 50 0 19.8 31.2 42.3 52.1 60.6 69 77.4 85.4 93.1 100
1. An economy can produce Food using labor and capital and Cloth using labor and land. The total supply of labor is 50 units. Given the supply of capital, the Labor input in Output of Labor Food Output input in of Cloth Food Cloth outputs of the 2 goods depend on labor input as follows: a. Graph the production functions for Food and Cloth. b. Graph the production possibility frontier Chapter 4: Specific Factors and Income Distribution 0 5 10 15 20 25 30 35 40 45 50 0 27 38.5 47.3 56 65.7 74.5 82.4 88.2 94.1 100 0 5 10 15 20 25 30 35 40 45 50 0 19.8 31.2 42.3 52.1 60.6 69 77.4 85.4 93.1 100
Chapter13: General Equilibrium And Welfare
Section: Chapter Questions
Problem 13.4P
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3
1. An economy can produce Food using labor and capital and Cloth
using labor and land. The total supply of labor is 50 units. Given the
Labor
Labor
Output of
Food
Output
supply of capital, the
input in
input in of Cloth
Food
Cloth
outputs of the 2 goods depend
on labor input as follows:
a. Graph the production
functions for Food and Cloth.
b. Graph the production
possibility frontier
•Chapter4: Specific Factors and Income Distribution
E
D
$
4
R
F
%
I
5
ABEDES
T
0
5
10
15
20
25
G
30
35
40
45
50
0
27
38.5
47.3
56
65.7
74.5
82.4
88.2
94.1
100
Notes
Y
H
&
0
5
10
15
20
25
30
35
40
7
45
50
Comments
0
19.8
31.2
42.3
52.1
60.6
69
77.4
85.4
93.1
100
D
8
J
I
(
9
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Transcribed Image Text:#
3
1. An economy can produce Food using labor and capital and Cloth
using labor and land. The total supply of labor is 50 units. Given the
Labor
Labor
Output of
Food
Output
supply of capital, the
input in
input in of Cloth
Food
Cloth
outputs of the 2 goods depend
on labor input as follows:
a. Graph the production
functions for Food and Cloth.
b. Graph the production
possibility frontier
•Chapter4: Specific Factors and Income Distribution
E
D
$
4
R
F
%
I
5
ABEDES
T
0
5
10
15
20
25
G
30
35
40
45
50
0
27
38.5
47.3
56
65.7
74.5
82.4
88.2
94.1
100
Notes
Y
H
&
0
5
10
15
20
25
30
35
40
7
45
50
Comments
0
19.8
31.2
42.3
52.1
60.6
69
77.4
85.4
93.1
100
D
8
J
I
(
9
K
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