I started studying microeconomics and I am having trouble figuring our how can I find the "?" values in this table? If someone could help me I would be really grateful.
╔════════════════════════════════╦════════════════════════════════╗ ║ Country A ║ ╠════════════════════════════════╬════════════════════════════════╣ ║ Bananas ║ Oranges ║ ╠════════════════════════════════╬════════════════════════════════╣ ║ Wage = 12 ║ Wage = ? ║ ║ Marginal Product of Labour = 2 ║ Marginal Product of Labour = ? ║ ║ Price = ? ║ Price = 4 ║ ╚════════════════════════════════╩════════════════════════════════╝
In regard to the bananas I believe the Price must be equal to the Wage = Marginal Product of Labour multiplied by the Price or in other words 12 = 2 * X => X = 6 => P = 6
However, I am not sure in the case of oranges where I have two unknown variables how to get the wage and the marginal product of labor in Oranges.
PS: Thank you in advance. In order to simplify the problem I skipped country B, because trade is not allowed between the two countries in this exercise.