11 Suppose the society produces one good corn using corn

Last updated: 8/29/2023

11 Suppose the society produces one good corn using corn seed and labor Suppose they produce 500 bushels of corn output per year using 50 corn seed and 400 bushels of corn food to feed population and reproduce the labor force How much is the economic surplus in that society After that if 10 bushels of the corn surplus were added to the existing seed bin all other things remaining the same then 60 bushel of corn seed would produce 600 bushel of corn output with technology and population being same as before How much is the economic surplus in that society after using surplus to increase the size of the inputs