What happens in the Lee-Malthus model if two curves shift at the same time? Visually using the graph show how these would shift and what would occur?

eview_sheet.pdf Econ 4553, Spring Prof. T. D. I What is the direction of causality in the wage- dem Midterm I Review size diagram. In what ways are the two diagrams related? y diagram and in the wage-populati Know the causality in the two diagrams, and know the causality between the two diagrams. ( sure that you can fully describe, in detail, how the system reaches equilibrium after any chan What happens in the Lee-Malthus model if: 1) The population size falls (e.g. a plague) 2) There is technological change 3) The birth rate curve shifts 4) The death rate curve shifts 5) Two curves shift at the same time (these make good exam questions) How can we model technological change in the Lee-Malthus model such that we get higher living standards? What does it imply about the pace of technological growth? What is the major problem in traditional societies that Becker believes families help to overcome? Features and Functions of Traditional Households: 1) Children economically active at young ages 2) Sexual division of labor (Why?) 3) Women spending large portion of their lives having and rearing children 4) Economic functions of the family (production, consumption, education, insurance, protect of property rights, enforcements of codes of conduct) 5) Substantial gains to marriage Changes in the traditional economic environment (what are the effects of these changes?): 1) Specialization and division of labor 2) Production moves outside of the household 3) Rising wages 4) Changing composition of demand 5) Declining fertility (TFR from 6 to 2) 6) Decreasing manual nature of work 7) Rise of formal education uth of market