In the middle of the 14th century, an epidemic known as the Black Death killed a

ID: 1138603 • Letter: I

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In the middle of the 14th century, an epidemic known as the Black Death killed about one third of Europe's population. Using the production model seen in class (Y=AK1/3L2/3))

What would happen in the market for capital in such a situation?

the demand of capital shifts to the left

the supply of capital shifts to the left

the supply for capital shifts to the right

the demand for capital shifts to the right

In the middle of the 14th century, an epidemic known as the Black Death killed about one third of Europe's population. Using the production model seen in class (Y=AK1/3L2/3))

What would happen in the market for capital in such a situation?

Explanation / Answer

Capital and labour are substitutes If labour is unavailable or scarce,the producers will use more capital in the process of production.Thus,the demand curve for capital would shift to the right.

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In the middle of the 14th century, an epidemic known as the Black Death killed a

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