Summarize the assumptions that underlie Reverend Thomas Malthus’s model and contrast what Malthus expected to happen with what has actually occurred since the nineteenth century.
What will be an ideal response?
but students should clearly identify the Malthusian prediction and the three assumptions made by Malthus: (1) the economy was agricultural, with goods produced by two inputs, land and labor; (2) the supply of land was fixed; and (3) human sexual desires worked to increase population. Students should also demonstrate understanding of how Malthus’s assumptions were wrong: (1) many economies are no longer based solely on agriculture; (2) the supply of land can be increased through fertilizer and other technological advances; and (3) while sexual desire is still present, childbirth can be prevented or limited. Furthermore, Malthus did not account for the potential for technological advances.
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Inga's graph of her budget line has apples per week on the vertical axis and loaves of bread per week on the horizontal. A fall in the price of an apple shifts the
A) horizontal intercept leftward. B) horizontal intercept rightward. C) vertical intercept downward. D) vertical intercept upward.
Kate's Great Crete (KGC) is a local monopolist of ready-mix concrete. Its annual demand function is Q = 20,000 - 400P, where P is the price, in dollars, of a cubic yard of concrete and Q is the number of cubic yards sold per year. What is the difference between price and marginal revenue when KGC sells 5,000 cubic years of concrete per year?
A. $12.50 B. $25.00 C. $37.50 D. $50.00
A simultaneous increase in both the demand for MP3 players and the supply of MP3 players would imply that
a. both the value of MP3 players to consumers and the cost of producing MP3 players has increased. b. both the value of MP3 players to consumers and the cost of producing MP3 players has decreased. c. the value of MP3 players to consumers has decreased, and the cost of producing MP3 players has increased. d. the value of MP3 players to consumers has increased, and the cost of producing MP3 players has decreased.
An increase in the price of one good will cause
A. a parallel shift in the budget curve. B. an inside shift of the budget curve. C. an outward rotation of the budget curve. D. an inward rotation of the budget curve.