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What is the corresponding percentage change

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Manufacturing: Sales revenue: = 360 Payments to labor: = 140 Payments to capital: = 200 Agriculture: Sales revenue: = 150

Payments to labor: = 60

Payments to land: = 90

Holding the price of Manufacturing's good, output quantities in each sector, and the amounts of factors employed in each sector constant, suppose the increase in the price of agriculture is 6% and the increase in the wage is 4%. Wherever possible, please provide numerical answers.

a. What is the corresponding percentage change in the nominal rental rate of land?

b. What is the effect on the real rental rate of land in terms of each good? Explain.

c. What is the corresponding percentage change in the nominal rental rate of capital?

d. What is the effect on the real rental rate of capital in terms of each good? Explain.

e. What is the effect on the real wages? Explain.

f. Which sector is capital intensive in Home?

Reference no: EM132647745

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