There are a total of 1,050 workers in the economy, and workers can either seek employment...

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There are a total of 1,050 workers in the economy, and workers can either seek employment in one of two sectors: Sector 1 or Sector 2. The graph below depicts the marginal revenue product curves for both sectors in the economy before the introduction of international trade. Wage, $40 $36 $32 $28 $24 $20 $16 MRP, 150 300 450 600 750 MRP, 900 $40 $36 $32 $28 $24 $20 $16 1,050 Wage Part (i): Suppose that the marginal product of the 300th worker in Sector 1 is 2 units of output. That is, hiring the 300th worker in Sector 1 increases the quantity of output by 2 units in that sector. What is the price of output sold in sector 1? Part (ii): Suppose that per-unit price of output sold in Sector 2 is $4. What is the marginal product of the 600th worker that is employed in Sector 2? Part (iii): Identify the allocation of the 1,050 workers such that there is no incentive for additional migration between the two sectors. Part (iv): Suppose that the country begins to export the product sold by Sector 2, and as a result, 150 workers migrate from Sector 1 to Sector 2. By how much did exporting increase the marginal revenue product of every worker in Sector 2? Part (v): Suppose that the country begins to export the product sold by Sector 2, and as a result, 150 workers migrate from Sector 1 to Sector 2. By how much does the equilibrium wage rise in each sector? Part (vi): Exporting leads the marginal revenue product of labor curve in Sector 2 to shift upward. What is the source of this upward shift? There are a total of 1,050 workers in the economy, and workers can either seek employment in one of two sectors: Sector 1 or Sector 2. The graph below depicts the marginal revenue product curves for both sectors in the economy before the introduction of international trade. Wage, $40 $36 $32 $28 $24 $20 $16 MRP, 150 300 450 600 750 MRP, 900 $40 $36 $32 $28 $24 $20 $16 1,050 Wage Part (i): Suppose that the marginal product of the 300th worker in Sector 1 is 2 units of output. That is, hiring the 300th worker in Sector 1 increases the quantity of output by 2 units in that sector. What is the price of output sold in sector 1? Part (ii): Suppose that per-unit price of output sold in Sector 2 is $4. What is the marginal product of the 600th worker that is employed in Sector 2? Part (iii): Identify the allocation of the 1,050 workers such that there is no incentive for additional migration between the two sectors. Part (iv): Suppose that the country begins to export the product sold by Sector 2, and as a result, 150 workers migrate from Sector 1 to Sector 2. By how much did exporting increase the marginal revenue product of every worker in Sector 2? Part (v): Suppose that the country begins to export the product sold by Sector 2, and as a result, 150 workers migrate from Sector 1 to Sector 2. By how much does the equilibrium wage rise in each sector? Part (vi): Exporting leads the marginal revenue product of labor curve in Sector 2 to shift upward. What is the source of this upward shift?