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Homework answers / question archive / The production of palm oil requires two input, Land and Labor
The production of palm oil requires two input, Land and Labor. Land is considered to be a fixed input. The labor cost in RM (Ringgit Malaysia) to produced y tonnes of palm oil is ?(?)= ?2
a) What is the individual plantation’s supply curve of palm oil?
b) What is the market supply of palm oil?
Suppose the demand curve for palm oil D(p) = 450-50p,
c) what is the equilibrium price and quantity of palm oil sold?
d) How much palm oil such each individual palm oil plantation produce?
e) What is the equilibrium rent on the land?
