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Find the quanity of clothes and food produced

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Reference no: EM132198072

Question: Suppose:

Qc(K,Lc) = 10K1/2L1/2c

QF(T,LF) = 10T1/2L1/2F

1) Find the functions that define the marginal products of labor in the clothes and food industies.

2) If K = 4T and Pc = PF = 4, Find the share of labor in the clothes industry and the share of labor in the food industry. i.e. find Lc/L and LF/L

3) Find the amount of labor in the clothes and food industries respectively given that the total labor in the economy is 1700 and the full employment condition holds

4) Suppose K = 16, find the equilibrium wage in this economy

5) Find the quanity of Clothes and Food produced.

Reference no: EM132198072

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