There are two countries Home and Foreign. Home has 2,400 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. 1.) Using the 3-point curved line drawing fool, draw the relative demand curve on the graph to the right. Label the curve RD. Now suppose that Home's workers are only half as productive in both industries as we have been assuming. The relative supply curve (RS) would shift to the left (as shown by RS₂). 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. 5- 4 3- 2- 1- 0- D Relative price of apples Pa/Pb 0.25 RS RS 1.25 1.5 0.5 0.75 Relative quantity of apples 1.75 OU

There are two countries Home and Foreign. Home has 2,400 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. 1.) Using the 3-point curved line drawing fool, draw the relative demand curve on the graph to the right. Label the curve RD. Now suppose that Home's workers are only half as productive in both industries as we have been assuming. The relative supply curve (RS) would shift to the left (as shown by RS₂). 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. 5- 4 3- 2- 1- 0- D Relative price of apples Pa/Pb 0.25 RS RS 1.25 1.5 0.5 0.75 Relative quantity of apples 1.75 OU

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(J) Everyone living in Isolation, Alaska works at one of two fish canneries for their entire life. Over a career at Placid Cannery a worker is paid $1 million and the risk of death by canning machine is 1%. At Megadeath Cannery a worker is paid $1.2 million and the risk of death is 5%. What is the value of a statistical life in Isolation? Show your work.
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