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COMPLEX EXPENDITURE MULTIPLIER: The ratio of the change in aggregate output (or gross domestic product) to an autonomous change in an aggregate expenditure (consumption expenditures, investment expenditures, government purchases, or net exports) when all induced components are included in Keynesian analysis. This is the most comprehensive expenditure multiplier possible and includes not only the marginal propensity to consume/save, but also the marginal propensities for government purchases, investment, imports, and taxes. This should be compared with the simple expenditure multiplier that includes only induced consumption

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Lesson Contents
Unit 1: The Concept
  • What It Is
  • Price Level
  • Unit 1 Summary
  • Unit 2: Two Options
  • Time Periods
  • Long Run
  • Short Run
  • Unit 2 Summary
  • Unit 3: The Curves
  • Long Run
  • Short Run
  • Market Supply
  • Unit 3 Summary
  • Unit 4: Determinants
  • Stability
  • Long-Run Supply
  • Quantity of Resources
  • Quality of Resources
  • Short-Run Supply
  • Unit 4 Summary
  • Unit 5: Connections
  • Self Correction
  • Policies
  • Unit 5 Summary
  • Course Home
    Aggregate Supply

    In much the same way that the market supply lesson parallels the market demand lesson, this lesson on aggregate supply parallels the aggregate demand lesson. Aggregate supply however, is somewhat more involved that market supply, in particular, because aggregate supply is separated into two relations -- on for the short run and one for the long run. This lesson examines the relation between the price level and real production and the determinants that cause a change in aggregate supply, with a close eye on the differences between aggregate supply in the short run and the long run.

    • This lesson begins with an introduction to the aggregate supply half of the aggregate market in the first unit.
    • The second unit then explores the different aggregate supply relations that exist between the price level and real production in the short run and the long run.
    • The third unit introduces the short run aggregate supply curve and the long run aggregate supply curve which capture these two alternative relations.
    • We think pick up the keep curve shifting determinants of aggregate supply in the fourth unit, especially the resource quantity, resource quality, and resource prices.
    • The fifth unit wraps up this lesson with a discussion of the self-correction mechanism that relies on changes in the aggregate supply and how this relates to business cycle stabilization.

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    AVERAGE FIXED COST CURVE

    A curve that graphically represents the relation between average fixed cost incurred by a firm in the short-run product of a good or service and the quantity produced. This curve is constructed to capture the relation between average fixed cost and the level of output, holding other variables, like technology and resource prices, constant. The average fixed cost curve is one of three average curves. The other two are average total cost curve and average variable cost curve. A related curve is the marginal cost curve.

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    APLS

    RED AGGRESSERINE
    [What's This?]

    Today, you are likely to spend a great deal of time browsing about a thrift store hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for gnomes hiding in cypress trees.
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    This isn't me! What am I?

    Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
    "It is not fair to ask of others what you are unwilling to do yourself. "

    -- Eleanor Roosevelt, diplomat, activist

    ACCR
    Annual Cost of Capital Recovery
    A PEDestrian's Guide
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