The chemical reaction between magnesium (Mg) and copper sulfate (CuSO4) is a single-replacement reaction. In this reaction, magnesium metal reacts with copper sulfate solution to form magnesium sulfate (MgSO4) solution and copper metal (Cu). The balanced chemical equation for this reaction is:

```

Mg (s) + CuSO4 (aq) → MgSO4 (aq) + Cu (s)

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In this reaction, magnesium atoms replace copper atoms in the copper sulfate compound. Magnesium is more reactive than copper, so it is able to displace copper from the copper sulfate compound. The products of this reaction are magnesium sulfate, which is soluble in water, and copper metal, which is a solid.