Question
In: Economics
How many bushel-equivalents does each class receive?
Ricardian Corn Theory of Rent (Please, Display Calculations)
Assumption:
Assume that there are parcels of land with three levels of fertility.
There are 300 acres of quality 1 land that produces 200 bushels of corn per acre with one dose of labor-capital.
There are 200 acres of quality 2 land that produces 150 bushels of corn per acres with one dose of labor capital.
There are 100 acres of land of quality 3, which produces 100 bushels of corn per acre with one dose of labor capital.
Assumption:
Assume that only one dose of labor-capital can be applied to each acre of land.
One dose of labor-capital includes 1 worker working for a year.
The subsistence level of consumption for a worker is 75 bushels of corn per year.
Assumption:
Assume that the population grows such that 95,000 bushels are now required.
Question:
How many bushel-equivalents does each class receive?
Solutions
Rahul Sunny answered 2 years agoRelated Solutions
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