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Q. Consumption function in the AS-AD model?
Consumption. Suppose that P increases by say 10% whereas real GDP (Y) is constant. Nominal GDP and nominal national will now have increased by 10%. If your income increases by 10% and prices increase by 10%, it's reasonable to assume that your consumption (in nominal terms) will increase by 10% (nothing has changed in real terms). This means that demand for real consumption C is unchanged.
At first, Say's Law may seem 'obvious'. Though, it's not - actually, it's highly controversial. The reason it may seem obvious is that you have perhaps learned from microeconomics
Consider the following game [payoffs are in the form: (Ann, Bob, Carol)]: a) List each player's actions and strategies. b) If Ann "buys" Carol's position in the game (i.
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define the economic principle of opportunity cost explain whether spending 17.9% of gdp is too much or too little to spend on healthcare
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Are there any current subsidy or welfare issues that are being discussed or addressed in parliament or in municipalities
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