ECON 3HH3 Study Guide - Quiz Guide: Cymbopogon, Hogwarts
19 Apr 2019
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Show all your calculations and explain all your answers. 1. (10 points) gryffindor produces 2 goods, magic potions (denoted by mp) and magic wands (denoted by. Mw) using lemon grass (denoted by g) and troll labor (denoted by l). To produce magic potions, one needs to use 2 pounds of lemon grass per one troll so that gmp = 2*lmp. Also, to produce magic wands, one needs to use 0. 5 pounds of lemon grass per one troll so that gmw = 0. 5*lmw. Gmp + gmw = 200 and lmp + lmw = 200. ) (c) suppose that the number of trolls increases to 225 due to immigration from slytherin, keeping total lemon grass fixed at 200 pounds. Again solve for the amounts of factors used in each industry. (d) suppose instead that the amount of lemon grass increases to 225 pounds due to fdi from slytherin, keeping the total number of trolls fixed at 200.
