(Solution Library) Consider the Malthusian Model of Economic Growth. Food C is produced using labor N and land L with a constant return to scale production function
Question: Consider the Malthusian Model of Economic Growth. Food C is produced using labor N and land L with a constant return to scale production function F:
\[C=z{{L}^{\frac{1}{3}}}{{N}^{\frac{2}{3}}}\]Population growth rate \(\frac{N'}{N}\) is a function of food consumption per capita:
\[\frac{N'}{N}={{\left( \frac{C}{N} \right)}^{\frac{1}{2}}}\]Show graphically,
- the steady state population and consumption.
- the impact of a decrease in the quantity of land L in the short run and in the long run on population and consumption per capita.
Deliverable: Word Document 
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