Saudi Electronic University Economics Discussion

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Description

Reading

Read the following to prepare for this week:

  • Survey of Economics, Chapter 5: Production Technology and Cost

Video:

MIT OpenCourseWare video lecture series, “Productivity and Costs”)

Watch the following video(s), which you can access in the Weekly Media object or by clicking on the link(s) below: and answer the question.

http://www.youtube.com/watch?v=Q4iKuKAjzK0&list=SP61533C166E8B0028&index=10

7.3 Test your Knowledge (Question):

Question: Refer the video lecture, once an economist Malthus has predicted that production of food will slow down because of diminishing marginal product of labour, without increasing capital. So, continuous increase in demand due to increase in world population, some day may result in mass starvation. Now world population has increased more than 800% and there is no mass starvation as predicted.

Discuss what did Malthus get wrong?

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