[管理学]六版国际经济答案.docVIP

3 Specific Factors and Income Distribution 1.Texas and Louisiana are states with large oil-producing sectors. The real wage of oil-producing factors of production in terms of other goods falls when the price of oil falls relative to the price of other goods. This was the source of economic decline in these states in 1986. 2 To analyze the economys production possibility frontier, consider how the output mix changes as labor is shifted between the two sectors. a\The production functions for goods 1 and 2 are standard plots with quantities on the vertical axis, labor on the horizontal axis, and Q1= Q1(K1,L1) with slope equal to the MPL1, and on another graph, Q2= Q2(K2,L2) with slope equal to the MPL2. b\To graph the production possibilities frontier, combine the production function diagrams with the economys allocation of labor in a four quadrant diagram. The economys PPF is in the upper right hand corner, as is illustrated in the four quadrant diagram above. The PPF is curved due to declining marginal product of labor in each good. 3. a.To solve this problem, one can graph the demand curve for labor in sector 1, represented by (w=MPL1=demand for L1) and the demand curve for labor in sector 2, represented by (w=MPL2=demand for L2) . Since the total supply of labor is given by the horizontal axis, the labor allocation between the sectors is approximately L1=27 and L2=73. The wage rate is approximately $0.98. b.Use the same type of graph as in problem 2b to show that sectoral output is Q1=44 and Q2=90. (This involves combining the production function diagrams with the economys allocation of labor in a four quadrant diagram. The economys PPF is in the upper right hand corner, as illustrated in the text.) c.Use a graph of labor demands, as in part a, to show that the intersection of the demand curves for labor occurs at a wage rate approximately equal to $0.74. The relative decline in the price of good 2 caused labor to be reallocated: labor is drawn out of productio