Eastern Island is an economy with a lumber (forestry and wood processor) company, a camper van builder, and some consumers. For simplicity, assume there is no government in this island economy. In a given year, the lumber company produces 20 thousand tons of lumber (wood) and sells it for $60 per ton. The lumber company pays $600,000 in wages to consumers. The camper van builder uses only wood, 25 thousand tons of wood to be exact, as an input into camper van production. Of this, 15 thousand tons of
Households in Williamsburg pick apples and bananas from trees each period. Annual data for apples and bananas picked, and the prices of apples and bananas in Williamsburg in 2021, 2022 and 2023 are provided below: Year Quantity of Apples Price of Apples Quantity of Bananas Price of Bananas 2021 25 $1.00 30 $2.50 2022 26 … Read more