A country has two types of workers: skilled and unskilled. There are two goods produced in...
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A country has two types of workers: skilled and unskilled. There are two goods produced in the economy: manufactured goods and agricultural products. With 3 skilled workers it is possible to produce either one unit of the manufactured good or one unit of the agricultural product. Moreover, 6 unskilled workers are needed to produce one unit of the manufactured good and 3 unskilled workers to produce one unit of the agricultural QManuf product. The relative demand for the country is given by: PAgric. The labor QAgric force of the country consists of 3 million skilled workers and 9 million unskilled workers. PManuf a) Draw the relative demand and supply curves in the country. b) Compute precisely the relative price of the manufactured goods. c) Compute precisely how much of the manufactured good and the agricultural product is produced in the country. d) Compute precisely the relative salary of a skilled relative to an unskilled worker. Hint: the salary in equilibrium is equal to the marginal product of labor or, in this case, the value of the output of one worker. e) Compute precisely how much of the manufactured good is consumed respectively by a skilled and an unskilled worker. A country has two types of workers: skilled and unskilled. There are two goods produced in the economy: manufactured goods and agricultural products. With 3 skilled workers it is possible to produce either one unit of the manufactured good or one unit of the agricultural product. Moreover, 6 unskilled workers are needed to produce one unit of the manufactured good and 3 unskilled workers to produce one unit of the agricultural QManuf product. The relative demand for the country is given by: PAgric. The labor QAgric force of the country consists of 3 million skilled workers and 9 million unskilled workers. PManuf a) Draw the relative demand and supply curves in the country. b) Compute precisely the relative price of the manufactured goods. c) Compute precisely how much of the manufactured good and the agricultural product is produced in the country. d) Compute precisely the relative salary of a skilled relative to an unskilled worker. Hint: the salary in equilibrium is equal to the marginal product of labor or, in this case, the value of the output of one worker. e) Compute precisely how much of the manufactured good is consumed respectively by a skilled and an unskilled worker.
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