Business, 30.09.2019 20:30 HopeBordelon4

Use the information given here to answer the following questions: manufacturing: sales revenue the price of manufacturing multiplied by the quantity of manufacturing, is 150=p m ⋅q m =150 payments to labor the wage multiplied by the quantity of labor employed in manufacturing, are 100=w⋅l m =100 payments to capital the rental rate on capital multiplied by the quantity of capital used in manufacturing, are 50=r k ⋅k=50 agriculture: sales revenue the price of agriculture multiplied by the quantity of agriculture, is 150=p a ⋅q a =150 payments to labor the wage multiplied by the quantity of labor employed in agriculture, are 50=w⋅l a =50 payments to land the rental rate on land multiplied by the quantity of land used in agriculture, are 100=r t ⋅t=100 holding the price of manufacturing constant, suppose the increase in the price of agriculture is 20% and the increase in the wage is 10%. determine the impact of the increase in the price of agriculture on the rental on land and the rental on capital. rental on land = % rental on capital = %

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