What are the short run and long run effects

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Reference no: EM131210967

Consider our standard model of the economy, with two goods (wheat and cloth) and two factors (land and labor).

A decrease now occurs in the relative price of wheat.

What are the short-run and long-run effects on the earnings of each of the following: Labor employed in the wheat industry?

Labor in the cloth industry? Land used in the wheat industry? Land in the cloth industry?

Reference no: EM131210967

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