161 Prob Set 3

3

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Unformatted text preview: he impact of the increase in the price of agriculture on the rental on land and the rental on capital. b) Explain what has happened to the real rental on land and the real rental on capital. 3. Consider the production of hand‐made rugs and assembly line robots in Canada and India. a. Which country would you expect to be relatively labor‐abundant, and which capital‐abundant? Why? b. Which industry would you expect to be relatively labor‐intensive, and which is capital‐intensive? Why? c. Given your answers to (a) and (b), dr...
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