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The following table shows the amounts of land and labor used, given current factor prices, to produce a unit of each of two goods Factor Acres of land (T) Hours of labor (L) Cigars Soybeans (100 boxes

The following table shows the amounts of land and labor used, given current factor prices, to produce a unit of each of two goods Factor Acres of land (T) Hours of labor (L) Cigars Soybeans (100 boxes) (100 bushels) Tc=02 Ts=0.8 4 0.4 Lg=0.4 where, Тc L = the number of acres of land used to produce 100 boxes of cigars = the number of labor hours used to produce 100 boxes of cigars = the number of acres of land used to produce 100 bushels of soybeans. = the number of labor hours used to produce 100 bushels of soybeans. TS Ls
The figure to the right depicts the box diagram for this country. The soybean axes are depicted at the top right corner of the box and their origin is denoted as Os The cigar axes are located at the lower left side of the box and the origin is labeled Oc The width of the box represents the economy's total supply of labor, the height of the box its total supply of land Use the data provided above to do the following 1) Using the line drawing tool, draw a straight line with slope (Tc/ Lc) = 0.5 from Oc to the right-hand side of the box Label this line 'R 2.) Using the line drawing tool, draw a straight line with slope (Ts /L.s) = 2 from Os to the bottom-side of the box Label this line'S 3.) Using the point drawing tool, locate the point of resource allocation for these industries and label this point 'A' Carefully follow the instructions above and only draw the required objects. Click the graph, choose a tool in the palette and follow the instructions to create your graph.
Os Allocating Resources Labor used in soybean Production 10- 9- Land 8- used in 7- cigar 64 production 5- Land 4- used in 3- soybean 24 production 1- A ос 2 3 4 5 6 7 8 Labor used in Production cigar>


The following table shows the amounts of land and labor used, given current factor prices, to produce a unit of each of two g
The figure to the right depicts the box diagram for this country. The soybean axes are depicted at the top right corner of th
Os Allocating Resources Labor used in soybean Production 10- 9- Land 8- used in 7- cigar 64 production 5- Land 4- used in 3-

Apr 16 2021 View more View Less

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