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David Ricardo(2)
- 1. David Ricardo Udayan Roy http://myweb.liu.edu/~uroy/eco54/ DAVID RICARDO
- 5. Production Technology DAVID RICARDO Table 1: Increases in output of corn (in plots of land of decreasing quality ->) No. of workers (each with one shovel) A B C D E F 1 100 90 80 70 60 50 2 90 80 70 60 50 40 3 80 70 60 50 40 30 4 70 60 50 40 30 20 5 60 50 40 30 20 10 6 50 40 30 20 10 0
- 18. Summary of all 3 cases DAVID RICARDO Table 2 1 worker 3 workers 6 workers Output, total 100 280 520 Output, per worker 100 93.33 86.67 Rent, total 10 (10%) 40 (14.3%) 100 (19.23%) Rent, extensive margin 10 30 60 Rent, intensive margin 0 10 40 Wages, total 25 (25%) 75 (26%) 150 (28.85%) Wages, per worker 25 25 25 Profit, total 65 (65%) 165 (58.9%) 270 (52%) Profit, per shovel 65 55 45 Note: Amounts as a percentage of total output are in parenthesis.
- 41. Any Questions? DAVID RICARDO
Notes de l'éditeur
- Actually, the equilibrium profit rate could be anything between 65 and 75. I am simplifying the story by taking the lowest number.
- Again, the equilibrium profit rate is anything between 55 and 65.