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PERFECT COMPETITION, REVENUE DIVISION: The marginal approach to analyzing a perfectly competitive firm's short-run profit maximizing production decision can be used to identify the division of total revenue among variable cost, fixed cost, and economic profit. The U-shaped cost curves used in this analysis provide all of the information needed on the cost side of the firm's decision. The demand curve facing the firm (which is also the firm's average revenue and marginal revenue curves) provides all of the information needed on the revenue side.

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Lesson 12: Business Cycles | Unit 4: Causes Page: 22 of 26

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  • Why complexity of the economy makes it difficult to identify, without debate or question, THE cause of business cycles.
  • The investment cause of business cycles, based on the volatility of investment, how investment is affected by interest rates, how interest rates change over the business cycle, and the time it takes to produce capital goods.
  • Why the investment cause implies the use of fiscal policy and why pro-government types like this explanation.
  • The politics cause of business cycles, based on politicians seeking re-election, government's ability to control the economy, and voters voting their pocketbooks.
  • Why the politics cause implies the best policy is no policy and why anti-government types like this explanation.

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INTEREST RATES, AGGREGATE DEMAND DETERMINANT

One of several specific aggregate demand determinants assumed constant when the aggregate demand curve is constructed, and that shifts the aggregate demand curve when it changes. An increase in interest rates cause a decrease (leftward shift) of the aggregate curve. A decrease in interest rates an increase (rightward shift) of the aggregate curve. Other notable aggregate demand determinants include the federal deficit, inflationary expectations, and the money supply.

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BLACK DISMALAPOD
[What's This?]

Today, you are likely to spend a great deal of time lost in your local discount super center wanting to buy either a coffee cup commemorating last Friday (you know why) or a wall poster commemorating the first day of spring. Be on the lookout for the happiest person in the room.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
"Man is born to live, not to prepare for life. "

-- Boris Pasternak, writer

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