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QUESTION

Consider the following unit input requirements: Good Hours of Labor Needed to Make one Unit Machines Needed to Make one Unit Services 1 0 High Tech 1 2 Food 2 1 Clothing 3 1 The world prices of the

Consider the following unit input requirements: 

Good

Hours of Labor Needed to Make one Unit

Machines Needed to Make one Unit

Services

1

0

High Tech

1

2

Food

2

1

Clothing

3

1

The world prices of the goods are: services sell for 10; high tech sells for 12; food sells for 21; and clothing sells for 31.  The world price of services goes up by 0.74.  By how much does the rentals rate change?  Write a negative number, and use three decimal places.   Hint: the food sector and the clothing sector will shut down.  Give your answer to three decimal places.

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