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Macro & Microeconomics
Pages 3 (753 words)
Insert your name: Insert instructor name: Course: Date: Question 4. The idea of law of diminishing returns: the more one input of equal quality is increased in production while the quantity of all the input of equal quality remains unchanged the smaller will be the resulting addition output has smaller and smaller share the of the other inputs to work with…

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Malthus identified the substance wage, with foodstuff the workers’ wages is what workers eat. Rapid increase of food crops is not possible because supply of fertile land is limited and technical improvements do not come fast enough. To Ricardo, economic rent is paid to the owner of the land for the use original and indestructible power of the soil. This rent is not the same as returns derived from improvements made on the land that result to rise of the profit rather than rents. Malthus considered higher rents for landowners as salutary thing. Ricardo believed rent to be unearned income. Landowners who have to work longer hours for the bushel of wheat, sell it at same price as farmers who own the richest delta land. Rent does not determine the prices of grain rather than grain decides the amount of the rent. Answer to question 5. Both contemporary and modern critics have very often regarded Malthus, as an eminently inconsistent writer. ...
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