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Homework # 1- Organizational Details Josephine Chen September 8, 2011 ECON-4 Key Points Questions 1.

The first key point states that scarcity exists, which is in close relation to Thomas Malthus belief that population eventually outgrows the means for subsistence. Is it possible to project the point in time in which Malthus belief would be validated based on supply and demand of land? 2. How is equilibrium in economics determined?

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