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RULE OF CONSUMER EQUILIBRIUM: A condition of consumer equilibrium and utility maximization stating that the marginal utility-price ratio for all goods are equal. This rule is a handy way of checking for consumer equilibrium and utility maximization. If the rule is not satisfied, then consumer equilibrium and utility maximization are not achieved.

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Lesson 18: Banking | Unit 3: Reserve Banking Page: 16 of 24

Topic: Goldsmith Reserves <=PAGE BACK | PAGE NEXT=>

Knights make gold deposits, others withdraw gold, merchants seek investment loans, and others repay loans.

Fred must keep sufficient gold to satisfy any withdrawal.

Required reserves:

  • Fred concludes that he needs no more than 10 pounds of gold to back each 100 pounds of gold deposits.
  • He doesn't need to keep 100% of the deposits in reserves.

Fred has discovered modern fractional-reserve banking.

Excess Reserves:

  • Fred uses the other 90% for the loans which earn interest and make his business a profitable one.

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MARGINAL PROPENSITY TO IMPORT

The change in imports purchased from the foreign induced by a change in income or production (national income or gross domestic product). The marginal propensity to import (abbreviated MPM) is another term for the slope of the imports line and is calculated as the change in imports divided by the change in income or production. The MPM plays a role in Keynesian economics. It augments the slope of the aggregate expenditures line and is part to the multiplier process. A related marginal measure is the marginal propensity to consume.

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites trying to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for defective microphones.
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
"Do what you feel in your heart to be right for you'll be criticized anyway. You'll be damned if you do and damned if you don't. "

-- Eleanor Roosevelt, first lady

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