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3. A countrys labor market between food (QF) and clothing (Qc) is currently in equilibrium. Labor is used to produce both go

d. Explain what happens to the real wage in terms of clothing. Show and explain what happens to the real wage in terms of foo

3. A country's labor market between food (QF) and clothing (Qc) is currently in equilibrium. Labor is used to produce both goods. Land (T) is only used to produce food and Capital (K) is only used to produce clothing
d. Explain what happens to the real wage in terms of clothing. Show and explain what happens to the real wage in terms of food. Are workers are better off? e. Building off part (c), show and explain what happens to the real returns (i.e. rents) to capital and land when the price of food falls and the price of clothing remains the same.
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