Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(Malthusian economics)Consider a (small) community where the amount of grain harvested depends on the number of peasants farming a (small) agricultural plot, as shown in

(Malthusian economics)Consider a (small) community where the amount of grain harvested depends on the number of peasants farming a (small) agricultural plot, as shown in the table below. Each peasant needs 18 bushels of grain to survive (i.e. meet subsistence).

Original technology New technology
Peasants Total Product Average Product Total Product Average Product
1 20
2 36
3 48
4 56
5 60
6 60

How do you calculate the average product for the original technology in the above table.

In Malthus' model, what will be the population and the average product in equilibrium? Why?

Suppose these peasants discover a new grain that increases the total product by 50%. Calculate the total product and the average product for the new technology in the above table.

In Malthus' model, what will be the population and the average product be in equilibrium after the adoption of this new technology? Why?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Ethics Theory and Contemporary Issues

Authors: Barbara MacKinnon, Andrew Fiala

8th edition

9781305162846, 1285196759, 1305162846, 978-1285196756

More Books

Students also viewed these General Management questions