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Consider the Malthusian model. Suppose the Influenza virus killed 10% of the people in an economy. Using a diagram, determine the long run (i.e., steady-state)
Consider the Malthusian model. Suppose the Influenza virus killed 10% of the people in an economy. Using a diagram, determine the long run (i.e., steady-state) effects of this on the consumption per work, land per worker, and population. Graph the transition paths for consumption per worker and population from the old steady-state to the new steady state. Please do not take the answer from a different website and put it here.
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