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Average Propensity to save
The Average Propensity to Save [APS] is defined as the fraction of aggregate national income which is devoted to savings. Thus if S denotes savings then,
APS = S/Y
In a closed ungoverned economy, where income is spent or saved, APC = APS = 1
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BU 5210 Final Summer 2013 Economic Analysis
Explain the short-run production function with one variable input with the help of assumed figures. Clearly indicate the three stages of physical product, using table and graphs.
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