nction to answer the following questions. ribe its short-run effect on consumption/output per worker, land per worker and popu- 1. Here, the short-run effect implies what will happen right after the pandemic hits. ribe its long-run effect on consumption/output per worker, land per worker and popu- 1. Here, the long-run effect implies what will be a new steady-state after the pandemic ppears. a transition dynamics over time from the old steady-state to the new steady-state in

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Back in the middle era, the “Black Death" resulted in the deaths of up to 75–200 million people in
European countries. Use the Malthusian model with two graphs for population dynamics and pro-
duction function to answer the following questions.
1. Describe its short-run effect on consumption/output per worker, land per worker and popu-
lation. Here, the short-run effect implies what will happen right after the pandemic hits.
2. Describe its long-run effect on consumption/output per worker, land per worker and popu-
lation. Here, the long-run effect implies what will be a new steady-state after the pandemic
disappears.
3. Draw a transition dynamics over time from the old steady-state to the new steady-state in
terms of consumption/output per worker, land per worker and population.
Transcribed Image Text:Back in the middle era, the “Black Death" resulted in the deaths of up to 75–200 million people in European countries. Use the Malthusian model with two graphs for population dynamics and pro- duction function to answer the following questions. 1. Describe its short-run effect on consumption/output per worker, land per worker and popu- lation. Here, the short-run effect implies what will happen right after the pandemic hits. 2. Describe its long-run effect on consumption/output per worker, land per worker and popu- lation. Here, the long-run effect implies what will be a new steady-state after the pandemic disappears. 3. Draw a transition dynamics over time from the old steady-state to the new steady-state in terms of consumption/output per worker, land per worker and population.
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