Already have an account? Get multiple benefits of using own account!
Login in your account..!
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
As is the case with the supply and demand function for a single business firm determining the equilibrium price and output for its product, the aggregate supply and aggregate demand functions determine the equilibrium price level and output of an economy. According to this level of output, there is some employment which is given by the production function (i.e. a functional relationship between inputs and outputs) for that corresponding level of output. J M Keynes showed that this level of employment may fall significantly from the desirable level of employment. In other words, at the current market wage, the number of workers seeking gainful employment may exceed the number of workers actually absorbed or employed in the economy. Even then, this situation of less than full employment can be an equilibrium situation, which is called a less-than-full employment equilibrium - a normal phenomena in real life. Keynes says that in a free enterprise capitalist economy laissez-faire less-than-full employment is possible. On the contrary classical macro analysis with its underlying assumptions i.e. wage, price flexibility negated any possibility of underemployment situation in the economy. However the happenings of 1930s Great Depression and the recessionary conditions prevailing in industrialized countries since 1970 proved fatal to the orthodox thinking and forced governments to resort to fiscal measures as advocated by Keynes. A detailed analysis of this will be explored as we proceed.
The elasticity of demand in the local hardware industry is -2, while in the video market it is. Which industry has a higher markup over marginal cost (as a percentage of price)?
Why are Economic Models uses for Trade-offs and Trade? Simplified representations of actuality a. production possibility frontier b. comparative advantage c. circular-
Elplain the casual factors of the traditional business cycle and its effects on sectors of the economy
exam notes of national income accounting
Loretta liver more labs purchased R&D equipment costing $200000.00 The interest rate is 5%,salvage value is 20000.00 and the expected life is 10 years. Compute the PW of the deprec
give and explain the different causes of national income variation
How central bank increases the target rate Let's say that the central bank increases the target rate. When the target rate increases, the central bank needs to raise the overni
How do countries grow Economic growth? Economic growth is attaining by increasing: • Quantity of resources by investment • Quality of resources by training as well as R
Outline briefly a. How people make decisions? b. How they interact? c. How economy as a whole works? 1. Give three examples of important trade offs, th
Determine about the interest rates The interest rate may be fixed or floating. If it is fixed, you will pay the same percentage for the entire duration of the loan. With a floa
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd