Macroeconomics: Private and Public Choice
15th Edition
ISBN: 9781305176799
Author: Gwartney
Publisher: Cengage
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Question
Chapter 3, Problem 8CQ
To determine
Explain the statement in which industries are winners and losers.
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What is an ideal industrial society?
what was the economic and managerial legacy of the Industrial Revolution? what were the challenges?
Part One
Question 1
We are in a specific factor world, and we have two factors of production: labour (L)
and Capital (K). We have one country, Poland, and one good, vodka. The labour
market is competitive and wages are set accordingly. Given the (fixed) supply of
capital, the Marginal Productivity of labour is as follows:
Workers Employed
1
2
3
4
5
6
7
8
9
10
11
12
MPL of last worker
added in the vodka
sector
1100
1000
900
800
700
600
500
400
300
200
100
50
Chapter 3 Solutions
Macroeconomics: Private and Public Choice
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