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ECON 3020 - Problem Set 5

Fall Term 2021

Total points: 100

1. (50 points) Show how to arrive to Equation (8.16) of the textbook, and then find the optimal amount to spend on education E and the number of children m. Provide a brief interpretation about how these equation help understand the demographic transition.

2. (50 points) Solve questions 1 to 3 from Chapter 8 (I will randomly select one of these for grading).

3. OPTIONAL: Create two questions: one for Chapter 7 and the other for Chapter 8. I might pick some of the best questions for the final exam.