Table: Revenues and Costs for Two Industries Manufacturing Sales revenue =PMQM= $100 Payments to labor =W.LM= $70 Payments to capital =RK K= $30 Agriculture Sales revenue =PA QA= $100 Payments to labor =W.LA= $60 Payments to capital =RTT= $40 Suppose that the table gives payments to labour, land, and capital in the manufacturing and agriculture sectors. Suppose further that the price of manufactured goods increases by 10% (PM) and wages increase by 10%; then, if the quantities of output, labour and capital do not change in the manufacturing sector, the rental rate on capital will:

Table: Revenues and Costs for Two Industries Manufacturing Sales revenue =PMQM= $100 Payments to labor =W.LM= $70 Payments to capital =RK K= $30 Agriculture Sales revenue =PA QA= $100 Payments to labor =W.LA= $60 Payments to capital =RTT= $40 Suppose that the table gives payments to labour, land, and capital in the manufacturing and agriculture sectors. Suppose further that the price of manufactured goods increases by 10% (PM) and wages increase by 10%; then, if the quantities of output, labour and capital do not change in the manufacturing sector, the rental rate on capital will:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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