. . . When we view childbearing as an economic decision, what are the five implications for fertility? Briefly discuss at least two of them. Suppose we assume that households maximize a joint utility function, and that they can buy three goods: children (i.e., the number of), child quality, and other goods and services. Discuss how one might be able to explain the empirical regularity that richer families tend to have smaller families. If you have successfully completed or currently taking ECON215 (Microeconomics), try to illustrate how the price effect might dominate the income effect, and how this might result in decreased demand for children as income increases. On what basis do population revisionists explain the fact that, even though households are all optimizing independently, the aggregate outcome for the economy may not be ideal? Describe such a situation. Some say that "economic development is the best contraceptive". Explain why. Define the dependency ratio and discuss how it might be related to the issue of the population growth-economic development nexus. The problem of common-pool resources (Tragedy of the Commons) is fundamentally a problem of externality. Discuss.