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Question 3: Use the graph for the Malthusian model in the - space to illustrate what happens to a country's population size and the real

Question 3: Use the graph for the Malthusian model in the - space to illustrate what happens to a country's population size and the real wage (in both the short and long runs) if, because of the volcanic eruption, a new island with fertile soil is formed, increasing the total land mass of the country. Assume this shock is instantaneous. In addition, draw a time-path graph showing how both and evolve over time.

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