! The unit labour requirements of theproduction of cotton are 2 and 3 and forwheat is 4 and 5 for Lincolnland andSmithland, respectively. Labour inLincolnland and Smithland are taken to be400 and 200 respectively. (i) If labour is theonly factor of production and tastes andpreferences of the consumers in bothcountries are alike and captured by U(C,W)=W^4/5C^1/5, find the relativeequilibrium price? Discuss as to whetherthere is complete specialisation at thisrelative price? (ii) Assume that the relativeequilibrium price of cotton to wheat in theworld economy is 4/5, what amount ofwheat would each of the countriesproduce?

The unit labour requirements of the production of cotton are 2 and 3 and for wheat is 4 and 5 for…

Answered: The unit labour requirements of the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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