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ACCELERATOR: The ratio between investment expenditures and the change in gross domestic product. This is based on the notion that business investment depends on the rate of growth of aggregate output. If the economy is expanding, in other words, then the business sector invests in more capital goods to produce the extra output needed. This accelerator effect modifies and magnifies the simply multiplier effect based on the induced consumption and the marginal propensity to consume.

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Lesson 12: Elasticity and Demand | Unit 3: Measurement Page: 12 of 25

Topic: The Demand Curve <=PAGE BACK | PAGE NEXT=>

  • Elasticity is NOT constant along the demand curve.

  • In particular, the demand curve can be divided into the five elasticity alternatives:

    • Perfectly elastic: At the point of intersection between the demand curve and the vertical price axis, demand is perfectly elastic.

    • Relatively elastic: Over the "upper" half of the demand curve between midpoint and the vertical price axis, demand is relatively elastic.

    • Unit elastic: At the exact midpoint that divides the demand curve into two equal segments, demand is unit elastic.

    • Relatively elastic: Over the "lower" half of the demand curve between midpoint and the horizontal quantity axis, demand is relatively inelastic.

    • Perfectly inelastic: At the point of intersection between the demand curve and the horizontal quantity axis, demand is perfectly inelastic.

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INTERCEPT, CONSUMPTION LINE

The intercept of the consumption line indicates autonomous consumption, consumption that does not depend on the level of income or production. This can be thought of as the baseline level of consumption that would be undertaken if income falls to zero. Autonomous consumption is affected by the consumption expenditures determinants, which cause a change in the intercept and a shift of the consumption line. The value of the intercept of the saving line is the negative of the value of the intercept of the saving line.

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