Determine the allocation of resources


Suppose that at current factor prices cloth is produced using 20 hours of labor for each acre of land, and food is produced using only 5 hours of labor per acre of land. Suppose that the economy's total resources are 600 hours of labor and 60 acres of land. Using a diagram determine the allocation of resources.

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Macroeconomics: Determine the allocation of resources
Reference No:- TGS062151

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