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 > Economics Posted 21 Jul 2017 My Price 4.00

Smith’s demand

Suppose two individuals (Smith and Jones) each have 10 hours of labor to devote to producing either ice cream (X) or chicken soup (Y). Smith’s demand for X and Y is given by

a. What must the price ratio, PX/PY be?

b. Given this price ratio, how much X and Y will Smith and Jones demand? (Hint: Set the wage equal to 1 here so that each person’s income is 10.)

c. How should labor be allocated between X and Y to satisfy the demand calculated in part b?

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Jul 2017 09:07 PM My Price 4.00

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