[Question to Hand-In] Consider a country where output is produced using land and labour according to a neoclassical production function. Land is in fixed supply. Make the Malthusian assumption that population growth increases with consump- tion per person (equal to income per person). Explain why steps to reduce the population growth rate (all else equal) would lead to a rise in income and consump- tion per person. Assuming that rents are equal to the marginal product of land, explain whether landowners would be in favour of these steps to reduce population growth.

[Question to Hand-In] Consider a country where output is produced using land and labour according to a neoclassical production function. Land is in fixed supply. Make the Malthusian assumption that population growth increases with consump- tion per person (equal to income per person). Explain why steps to reduce the population growth rate (all else equal) would lead to a rise in income and consump- tion per person. Assuming that rents are equal to the marginal product of land, explain whether landowners would be in favour of these steps to reduce population growth.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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