Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 01 Oct 2017 My Price 5.00

Food and clothing

An economy consists of two consumers ( Julie and Carina), each consuming positive amounts of two goods, food and clothing. Food and clothing are both produced with two inputs, capital and labor, using technologies exhibiting constant returns to scale. The following information is known about the current consumption and production baskets: The marginal cost of producing food is $2, and the price of clothing is $4. The wage rate is 2/3 the rental price of capital, and the marginal product of capital in producing clothing is 3. In a general competitive equilibrium, what must be

a) The price of food?

b) The marginal rate of transformation of food for clothing?

c) The shape of the production possibilities frontier for the economy? d) The marginal product of labor in producing clothing?

Answers

Maurice Tutor
(5)
Status NEW Posted 01 Oct 2017 10:10 PM My Price 5.00

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