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POLICY LAGS: A series of lags between the onset of an economic problem, such as business-cycle contraction, and the full impact of the policy designed to correct the problem, such as expansionary fiscal or monetary policy. Policy lags can take several years and are one of the key arguments against discretionary policies and for reliance on self correction and automatic stabilizers. Policy lags are often divided into inside lags, the time between the shock and the corrective policy, and outside lags, the time between the corrective policy and full impact on the economy.

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Lesson 14: Aggregate Supply | Unit 4: Determinants Page: 15 of 20

Topic: Quality of Resources <=PAGE BACK | PAGE NEXT=>

Resource quality tends to change slowly and gradually. We seldom see big jumps in these long run aggregate supply determinants.

Two ways to improve resource quality:

  • Technology: The information about production techniques. It generally moves forward, so that aggregate supply increases. Technology primarily affects capital and land.
  • Education: Transferring information, knowledge, and training to people. It also generally moves forward, increasing aggregate supply. Education is most important for labor.
Resource quality generally increases, but it can decrease in unusual circumstances.

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KINKED-DEMAND CURVE ANALYSIS

An analysis using the kinked-demand curve to explain rigid prices often found with oligopoly. The kinked-demand curve contains two distinct segments--one for higher prices that is more elastic and one for lower prices that is less elastic. Key to this analysis is that the corresponding marginal revenue curve contains three segments--one associated with the more elastic segment, one associated with the less elastic segment, and one associated with the kink. A profit-maximizing firm can then equate marginal cost to a wide range of marginal revenue values along the vertical segment of the marginal revenue curve. This suggests that marginal cost must change significantly before an oligopolistic firm is inclined to change price.

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