Draw your own Malthusian graph system. (We recommend drawing by hand, as you may be asked...

Draw your own Malthusian graph system. (We recommend drawing by hand, as you may be asked to draw this kind of graph on the exams without the aid of a computer.) The top graph should show birth and death rates as a function of wages; the bottom graph should show population size as a function of wages. Label all of the axes and mark the equilibrium state on both graphs by marking b*, d*, w*, and N* (equilibrium birth rate, death rate, wage rate, and population size) on the appropriate axes.

Imagine that marriage norms change and people start getting married at later ages. This results in a lower birth rate at every wage level. Show this change on your graph by drawing a second, dotted, birth rate line. Mark the new equilibria as b’, d’, w’, and N’. Describe in words what happened to the equilibrium wage level and population size.

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Expert Solution

Rahul Sunny answered 1 year ago

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