Imagine an economy consisting of 1,000 members. Corn is the only good produced and consumed. Corn is produced from inputs of labor and seed corn (capital). All members of this economy are equally skilled and productive, and all have knowledge of the technologies that exist for producing corn. Each person must consume 1 unit of corn per week, after which we assume people care about leisurethat is, after consuming 1 unit of corn, they would like to work as few days as possible. Finally, we assume if it is possible to accumulate corn without sacrificing any leisure, people will do so. There are two ways (or technologies) of producing corn: a labor intensive technique (LIT) and a capital intensive technique (CIT). LIT: 4 days of labor + 0 units of seed corn = 1 unit of corn CIT: 1 day of labor + 1 unit of seed corn = 2 units of corn In either case, the corn produced does not appear until Sunday. That is, if you work Monday through Thursday in the LIT, you will get a yield of 1 unit of corn (gross) on Sunday. If you work with 1 unit of seed corn on Monday in the CIT, you will get a yield of 2 units of corn (gross) on Sunday. If you work in the CIT, you must replace the 1 unit of seed corn used in production, leaving 1 unit of corn (net) for consumption. There is no need to replace seed corn in the LIT since none is used. Either technology can be used on any scale desired. For example, 1 day of labor in the LIT will yield 1/4 unit of corn (gross) on Sunday. In the CIT, 1/2 day of labor working with 1/2 unit of seed corn will yield 1 unit of corn (gross) on Sunday. The degree of inequality is measured as the difference between the maximum and minimum number of days anyone works. Efficiency is measured as the average number of days worked to produce a unit of corn (net). In other word, efficiency is total days worked divided by total corn (net) produced. Situation 1: There are 500 units of seed corn and 50 people each have 10 units of seed corn. The remaining 950 people have no seed corn. (1) If we outlaw labor and credit markets (autarky): (a) What will seedless do? (b) What will the seedy do? (c) What will be the degree of inequality of the economy? (d) What will be the efficiency of the economy?

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