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