Suppose that at current factor prices cloth is produced, Ask an Expert

Economics

Suppose that at current factor prices cloth is produced using 20 hours of labor for each acre of land, and food is produced using only 5 hours of labor per acre of land. Suppose that the economy's total resources are 600 hours of labor and 60 acres of land. Using a diagram determine the allocation of resources.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M962151

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