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LEC 3 ECON 314.docx

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Department
Economics (Arts)
Course
ECON 314
Professor
Eesha Sen Choudhury
Semester
Winter

Description
LEC 3 ECON 314 01/14/2014 Lewis Model Assumptions The economy has two sectors – Agricultural & Manufacturing. The agricultural sector has surplus Labour, suchLAhat MP  = 0. Labour in the agricultural sector share the output equally such that wages are determined by the  average product. We usually determine wages using the marginal product,  however, this is a special case All wages are consumed and all profits are saved in the manufa
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