Suppose that there are three factors: capital, labor, and land. Bread requires inputs of land and labor,
Question:
a. Which factors are variable, and which are specific?
b. Suppose Canada’s endowments of land and capital are 10 capital and 100 land, and the
United States’ are 50 capital and 100 land. Which good does each country export?
c. How does trade affect the returns to land, labor, and capital in the United States and in Canada?
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a Labor is the variable factor and capital and land are specific b Canada is l...View the full answer
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