Question 3 (10 points) The production of palm oil requires two inputs, land and labor

Economics Feb 25, 2022

Question 3 (10 points) The production of palm oil requires two inputs, land and labor. Land is considered to be a fixed input. The labor cost in RM to produce y tonnes of palm oil is c(y) = y? There are 75 identical palm oil plantations which all behave competitively. (b) What is the market supply of palm oil? [2 points