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Demand Pull Inflation:
It describes a sustained increase in the general price level that is caused by a permanent increase in nominal aggregate demand. Simply, is can be viewed as an inflation that occurs as a result of increase in aggregate demand.
In Figure, an increase in aggregate demand from AD0 to AD1 given the aggregate supply creates excess demand at P0. This causes price levels to increase from P0 to P1. A new equilibrium is established at point E1 with output at Y1 and at a higher price level of P1. The continuous repetition of this process will lead to a sustained increase in the price level, which characterizes demand-pull inflation.
Point Elasticity: Point elasticity is brought in use when the change in price is quite small, which means. The two points between which elasticity is being measured or calculat
Determine the Cross Elasticity of Demand Measures the responsiveness of demand for good A to a given change in the price of good B. It is an significant piece of information to
Tuan lives in a town with only one movie rental store. Suppose Tuan’s demand for movie rentals per month is Q = 16- 2P . The movie store currently charges $5 per movie, but is thin
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Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
A Competitive Short Run Supply Curve of Firm * Observations: - P = MR - MR = MC - P = MC * Supply is amount of output for every possible price. Thus: - If
would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
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Ask questiowhat are the importance of the branches of economics
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