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Q. Demand for money for AS-AD model?
The money market
The demand for money depends negatively on R,positively on Y and positively on P in AS-AD model
When P is no longer exogenous, we should figure out how MD is affected by P if we keep Y and R constant. In AS-Ad model, MD increases as P increases (and vice versa).
Imagine that P is increased by 10% whereas Y and R are constant. All nominal variables such as nominal GDP, nominal consumption and nominal income will then increase by 10%. This means that you would need to hold more money to pay for the increase in consumption. Consequently the demand for money is signified by MD(Y, R, P) in AS-AD model.
Suppose P(X1)=.75 and P(Y2/X1)=.40. What is the joint probability of X1 and Y2?
# ???? .. difference between gdp at market price and nnp at factor cost
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
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