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Aggregate Supply in the Short Run
Production takes place in business sector on the basis of an expected price for its output. However, costs are incurred in anticipation of sales. This is the risk of production since firms cannot know in advance how much this output will sell for. If the actual price achieved exceeds the expected price, firms will experience a higher than anticipated level of profits and this will encourage an increase in production. This implies that the short run AS curve slopes upward from left to right for part of its range because at any point in time there is a limit on the output of goods and services. This limit increases as with increased production, the availability of idle resources decreases and this 'limit' is reached when the production reaches full employment level of output. When the resources available are fully employed the short run aggregate curve will become vertical. At this point, further increases in price level will have no effect on output.
TRADE IN SERVICES: India had objected to the inclusion of trade in services in the agreement for the UR negotiations. The Indian negotiations continued to raise object
THE PRODUCT MARKET Z=C+I+G C=a+bYd I=Io+I1Y-I2i Equilibrium condition, Y=Z, where Y represents output and Z is aggregate spending. THE FINANCIAL MARKET Md=MT+Mp MT=MTo+MT1Y Mp=Mpo
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1. # of sellers, # of buyers 2. entry and exit conditions 3. product characteristics 4. short run P&Q determinations and the resulting 3 possibilities for excess profit (graphs ar
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when domestic currency becomes more valuable in terms of foreign currency, the domestic currency is said to have
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