What is the magnitude of surplus labor

Assignment Help Econometrics
Reference no: EM131131707

The traditional sector can produce a maximum of 100 million kg of food. Suppose the number of workers in this sector is 75 million.

Then, what would be the wage rate in the traditional sector?

According to the Lewis model, what is the magnitude of surplus labor? Do the producers in this sector make their decisions on the basis of profit maximization?

380_Figure.png

Reference no: EM131131707

Questions Cloud

Determine the effectiveness of a policy : A study that uses data in a formal econometric analysis to test a theory, estimate a relationship, or determine the effectiveness of a policy is called
How is the value of bond determined : How is the value of bond determined? What is the value of a 10year , $1000 par value bond with a 10 percent annual coupon rate
Benefit of using models in decision making : Which of the following is not a benefit of using models in decision making?
Individual system analysis - internet shopping site : Purpose of the individual system analysis and design project is to demonstrate students ability to apply the knowledge learned in this course to a real-world project - Internet shopping sites
What is the magnitude of surplus labor : According to the Lewis model, what is the magnitude of surplus labor? Do the producers in this sector make their decisions on the basis of profit maximization
For diversification to enhance firm performance : For diversification to enhance firm performance it must do at least one of the following: provide economic of scale, exploit economic of scale or reduce costs while increase value Which mechanism does Disney, an example of related-linked diversificat..
How facial recognition technology be used in retail settings : How can facial recognition technology be used in retail settings? Who could benefit? Why are retailers reluctant to reveal that they are using facial recognition technologies and collecting biometric data about customers?
Consider the five-step strategic management model : Consider the five-step strategic management model presented in the text. Some people argue that strategic planning is a waste of time and the document produced just collects dust on the shelf. Others argue that strategic planning is a useful process...
Strategic issues should be discussed in real time : In a narrative format, discuss the company from a strategic perspective. Information concerning recent changes in the firm is readily available online and should be accessed. Strategic issues should be discussed in "real time."

Reviews

Write a Review

Econometrics Questions & Answers

  What is the most applicable route in the present

What is the most applicable route in the present?

  Determine what is the average of the 20 rolls

Let X be a discrete random variable that is the value shown on a single roll of a fair die. (a) Represent the probability density function f(x) in a tabular form (b) What is the probability that X=4? That X=4 of X=5

  What is the dollar value of the total surplus

The price at point a is $70 and the price at point c is $10 per bag. The price at point d is $40 and the price at point e is $20 per bag. The price at point f is $32 and the price at point g is $4 per bag. Apply the formula for the area of a trian..

  What is the amount that must be donated each year

An alumnus of WestVirginia University wishes to start an endowment that will providescholarship money of $40,000 per year beginning in year 5 andcontinuing indefinitely. The donor plans to give money nowand for each of the next 2 years.

  Find the market price and quantities produced

Consider the same two firms as above with marginal costs 10 and 40, facing a demand p = 100 - q. a. Find the market price and quantities produced if firm 1 moved first, followed by firm 2 b. Find the market price and quantities produced if firm 2 mov..

  Calculate the new maximum number permitted to be carried

calculate the probability that the mean passenger weight would exceed the maximum safe load as determined by the USCG. Two months after the accident, the USCG ordered the operator of the water taxi to reduce passenger load on all its craft by "abo..

  What open market policy would recommend to increase income

Say that investment increases by 100 for each interest rate drop of 1 percent. Say also that the expenditures multiplier is 3. If the money multiplier is 5, and each 5-unit change in the money supply changes the interest rate by 1 percent, what op..

  Compute depreciation under different methods

For the declining-balance method, Wang Company uses the double-declining rate. For the units-of-activity method, total machine hours are expected to be 24,000. Actual hours of use in the first 3 years were: 2009, 400; 2010, 4,500; and 2011, 5,000.

  Calculate the price of each vegetable in each year

Suppose that the residents of Vegopia spend all of their income on cauliflower, broccoli, and carrots. In 2008, they buy 100 heads of cauliflower for $200, 50 bunches of broccoli for $100, and 500 carrots for $50. In 2009, they buy 75 heads of cau..

  Let x denote the reaction time in seconds to a certain

let x denote the reaction time in seconds to a certain stimulus and y denote the temperature f at which a certain

  How much longer should the defender be kept if marr is 10

An asset, purchased three years ago for $20,000, can be replaced by a new type of equipment. The market value of the old machine is currently $13,000 and will be $9,000, $8,000, $6,000, $2,000, and $0 at the end of each of the next five years

  1 here we will be using the same dataset from empirical

1. here we will be using the same dataset from empirical exercise 2 the file is included in the assignments folder for

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd