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REAL-BALANCE EFFECT: A change in aggregate expenditures on real production made by the household, business, government, and foreign sectors that results because a change in the price level alters the purchasing power of money. This is one of three effects underlying the negative slope of the aggregate demand curve associated with a movement along the aggregate demand curve and a change in aggregate expenditures. The other two are interest-rate effect and net-export effect.

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Lesson 12: Elasticity and Demand | Unit 1: An Overview Page: 3 of 25

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  • A few more elasticity concepts:

  • The numerical value of elasticity is termed the coefficient of elasticity.

  • The coefficient of elasticity is a numerical measure of the relative response of one variable to changes in another variable.
  • The second point of review are the elasticity alternatives:

    • Elastic: The percentage change in quantity is relatively greater than the percentage change in price.

    • Inelastic: The percentage change in quantity is relatively less than the percentage change in price.

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PERFECT COMPETITION, MARGINAL ANALYSIS

A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store seeking to buy either a wall poster commemorating next Thursday or a pair of gray heavy duty boot socks. Be on the lookout for attractive cable television service repair people.
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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