30 Apr Question: The specific factors model. Consider the Ivory Tower “economy” with its two sectors, fuzzy and te…
The specific factors model. Consider the Ivory Tower “economy” with its two sectors, fuzzy and techy. Each has its own specific factor, fuzzy and techy field professors. The mobile factor are the students who can work in either field.
(a) In an appropriate diagram, show how many students work in each field. Also indicate what areas in your diagram represent the income of each of the groups involved.
(b) The price of techy research decreases because of the general economic malaise. How does this affect the allocation of students across sectors and the real income of the professors (fuzzy and techy types)? What about the students?
(c) Assume now that the fuzzy sector has experienced technological progress, while everything else has not changed. How does this affect the alloca- tion of students across sectors? What about the real income of the various groups involved?
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