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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
show how scarcity and opportunity cost are useful in decisionmaking
What is the meaning of demand In economics, demand has a specific meaning distinct from its ordinary usage. In common language we treat 'desire' and 'demand' as synonymously. T
Suppose the consumer can choose either coffee shop 1 or coffee shop 2, but not both. - Assuming that other things (such as location, quality of coffee, and so on) are the same,
Q. Product of marginal revenue? MRPL is the product of marginal revenue and marginal product of labour or MRPL = MR x MPL. • Derivation: MR = ?TR/?Q MPL = ?Q/?L
Disguised unemployment Situation where some people are employed apparently, but if they are withdrawn form this job, total production remains the same. In most developing coun
plz help tomorrow is my paper n I need help to understand this topic
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
State the difficulties in the measurement of profit.
Objectives of IMF To achieve these objectives, the following conditions would have to be fulfilled: - i. Countries should not impose restrictions in their trade
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