ECN 115B Effects of Higher Income Maximization Diagram HW4:Using the utility maximization diagram in chapter 6, graphically illustrate the effects of highe

ECN 115B Effects of Higher Income Maximization Diagram HW4:Using the utility maximization diagram in chapter 6, graphically illustrate the effects of higher income on the number of children that a family will choose to have. Assume that children are inferior goods.What is the Malthusian population trap? In the context of the Malthusian population trap, explain the role of OECD countries in helping a country out of a population trap.Investment in human capital is very similar to investing in physical capital. True or false? Explain your answer.What is the Great Gatsby Curve? As an economic policy maker, how would you change the education policy in order to reverse the Great Gatsby curve?According to Sachs, what is the demographic trap? Why will a demographic trap prevent a country from reaching a higher level of development?What is the Millennium Villages Project? According to Sachs, how large of a development assistance was needed in order to get the project going?