Describe the effect Of the flood on the marginal productivity of land, labor, and capital.

(Assume that the virus is lethal in half of the people who are exposed to the virus.) Using the theory of wage determination, explain why wages in developing countries are typically quite low. A recent flood in the Midwest has destroyed much of the farmland that lies in fertile regions near the rivers. Describe the effect Of the flood on the marginal productivity of land, labor, and capital. How would the flood affect the price of inputs?


 

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