Consider the economy of the Queensland that produces juice a

Consider the economy of the Queensland that produces juice and soup. Each industry employs workers,â€¦ Show more Consider the economy of the Queensland that produces juice and soup. Each industry employs workers, but land is specific to the production of juice, and dishes a specific factor in the soup industry. The amounts of land (L) and dishes (D) are L=1 and D=16, while the population size of the Queensland is 10 workers. The production functions and the marginal products of labor are: J=(Wj)^0.5(L)^0.5, MPWj=0.5(L)^0.5/(Wj)^0.5 S=(Ws)^0.5(D)^0.5, MPWs=0.5(D)^0.5/(Ws)^0.5 where J is the juice output in litres, S is the soup output in litres, and Wj and Ws are the numbers of workers employed in the juice and soup sectors, respectively. If the price of 1 litre of juice is \$2 and the price of 1 litre of soup is \$8, what is the wage rate paid to workers in the Queensland? How many workers are in the juice sector? In the soup sector? Thank you for your help! â€¢ Show less

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