[Question to Hand-In] Consider a country where output is produced using land and labour according to a neoclassical production function. Land is in fixed supply. Make the Malthusian assumption that...

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Extracted text: [Question to Hand-In] Consider a country where output is produced using land and labour according to a neoclassical production function. Land is in fixed supply. Make the Malthusian assumption that population growth increases with consump- tion per person (equal to income per person). Explain why steps to reduce the population growth rate (all else equal) would lead to a rise in income and consump- tion per person. Assuming that rents are equal to the marginal product of land, explain whether landowners would be in favour of these steps to reduce population growth.