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Business, 25.02.2020 05:09 hella33revj
Country Healthy-living in a Malthusian world has the following production function: Y = 560 D^(0.4)N^(0.6), where Y is measured in pounds of food and D acres of land. (a) Suppose that the sustainable consumption is 600 pounds of food, i. e. c = 600. What is the country’s population density at the steady-state? (b) Suppose that an advance in medicine in the country Healthy-living makes its citizens healthier; hence they could sustain life and reproduction at a lower level of consumption, say 550 pounds. What will the country’s population density be in the long run after the medical advance? How would its standard of living, measured by GDP per capita, have changed?
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Country Healthy-living in a Malthusian world has the following production function: Y = 560 D^(0.4)N...
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