There are two countries Home and Foreign. Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. Foreign has a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1. Suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples. a-b. On the graph to the right: 1.) Using the 3-point curved line drawing tool, draw the relative demand curve. Label the curve RD. 2.) Using the point drawing tool, indicate the equilibrium relative price of apples. Label this point EQ. Carefully follow the instructions above and only draw the required objects. 4- 3- 2- 1- 0.25 0.5 0.75 Relative quantity of apples RS

There are two countries Home and Foreign. Home has 1,200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. Foreign has a labor force of 800. Foreign's unit labor requirement in apple production is 5, while in banana production it is 1. Suppose world relative demand takes the following form: Demand for apples/demand for bananas = price of bananas/price of apples. a-b. On the graph to the right: 1.) Using the 3-point curved line drawing tool, draw the relative demand curve. Label the curve RD. 2.) Using the point drawing tool, indicate the equilibrium relative price of apples. Label this point EQ. Carefully follow the instructions above and only draw the required objects. 4- 3- 2- 1- 0.25 0.5 0.75 Relative quantity of apples RS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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