Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. in a village there is a farmer, carpenter, and a t

In a village there is a farmer, carpenter, and a tailor, who provide the three...

70.2K

Verified Solution

Question

Basic Math

image

In a village there is a farmer, carpenter, and a tailor, who provide the three essential services: food, shelter, and clothing. Suppose the farmer himself consumes 40% of the food he produces, and gives 40% to the carpenter, and 20% to the tailor. Thirty percent of the carpenter's production is consumed by himself, 40% by the farmer, and 30% by the carpenter. Fifty percent of the tailor's production is used by himself, 30% by the farmer, and 20% by the tailor. What 'prices' should the providers get if the equilibrium condition of a closed economy is to be satisfied, and if the lowest-price is $720?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

You are a new manager to a company in the automotive industry. You are asked to...

Biology
1.2K views

Why do phototropic sporangiophores avoid solid objects?

Medical Sciences
1.2K views

What information can be gained from a passive assessment and an active assessment of joint motion?

Biology
1.2K views

E decoding errors an 6 The protein complex that bridges between the enhancer and the...

Physics
1.2K views

An object is launched from a cliff 20 m above the ground at an angle...

Geometry
1.2K views

Matt has 900 in a checking account has 15 000 in investments owns an 8000...

Calculus
1.2K views

13 of 23 1 point Attempt equivalent equation using 3 y 4 25

Accounting
1.2K views

Provide the missing data in the following table for a distributor of martial arts products:...

Accounting
1.2K views

Fogerty Company makes two products-titanium Hubs and Sprockets. Data regarding the two products follow: Additional...

Accounting
1.2K views

"Past consideration is no consideration". Comment

Finance
1.2K views

Question Completion Status QUESTION 1 Assume that you have to choose between a perpetuity paying...

Finance
1.2K views

(30 points) Assume you buy a home for $150,000 and this is also the appraisers...