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THE DETERMINATION OF EQUILIBRIUM NATIONAL INCOME
National income is said to be in equilibrium when there is no tendency for it either to increase or for it to decrease. The actual National Income achieved at that point is referred to as the equilibrium National Income.
For there to be equilibrium, firm spending must be equal to firm's receipts. If this were not the case, the firms will receive less and lose money until there is no more money in the system. Hence, for there to be equilibrium:
Factor Incomes = Consumer Spending
Types of Price Elasticity of demand a) Perfectly inelastic demand Demand is said to be perfectly inelastic if changes in price have no the quantity demanded so
DETERMINANTS OF MONEY SUPPLY The total supply of nominal money in the economy is determined by the joint behaviour of the central bank which controls the total issue of the hig
How we can measure Elasticity of demand Though a manager requires an exact measure of this relationship for appropriate business decisions. Elasticity of demand is a measure t
The emergence of managerial economics as a separate course of management studies can be attributed to at least three factors: 1. Growing complexity of business designs maki
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Problem 1: Using the policy neutrality proposition, Illustrate and determine the effectiveness of applying counter-cyclical monetary policy to stabilise output around its long
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INDIRECT TAXES These are imposed on an individual mostly producers or traders but they can be passed on to be borne by others usually the final consumers. They can also be de
The individual and market demand curves The quantities and prices in the demand schedule can be plotted on a graph. Such a graph after the individual demand schedule is called
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