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Assume that there are two sectors, manufacturing and farming. There are three productive factors, labor, capital and land. Labor is employed in both sectors and is freely mobile between them. Capital is used only in manufacturing and land only in farming.
(i) Which factors are variable and which are specific?
(ii) Suppose that Malaysia has endowment of 200 capital and 2000 land, and Korea has 600 capital and 1200 land. Identify the pattern of trade in both countries. Discuss the effect on wages and the incomes of capital and land owners in both countries.
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