Business, 07.11.2019 06:31, daisyyy12

In the economy of ricardia, two consumer goods, x and y, are produced from a single factor input, labor, according to the production functions: y = 3ly and x = 3lx where ly and lx are the quantities of labor used in the production of y and x respectively. the total amount of labor available is 66 units. (a) derive the equation for the economy's production possibility frontier. confirm that the marginal rate of transformation is equal to mply/mplx.

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In the economy of ricardia, two consumer goods, x and y, are produced from a single factor input, la...