The slope of a country's production possibility frontier is equal to ________ and the optimal production point is located where the slope is equal to ________.Assume that output of good Y is measured on the vertical axis,output of good X is measured on the horizontal axis,MPL is the marginal product of labor with a subscript indicating which good,P is the price of a good,and w is the wage rate.
A) -MPLY/MPLX;-PX/PY
B) -PX/PY;-MPLY/MPLX;
C) -PX/w;-PY/w
D) -MPLY/w;-MPLF/w
E) -MPLX/MPLY;-PX/PY
Correct Answer:
Verified
Q21: In the four-quadrant diagram of the specific
Q23: Q25: Q26: In the four-quadrant diagram of the specific Q29: The slope of a country's production possibility Q29: When a country's labor market is in Q31: In the specific factors model,which of the Q34: In the specific factors model,a 5% increase Q39: In the specific factors model,a 5% increase Q40: In the specific factor model,the effect of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents