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AGGREGATE EXPENDITURE EQUATION: An equation indicating that aggregate expenditures (AE) are the sum of consumption expenditures (C), investment expenditures (I), government purchases (G), and net exports (X-M), stated as: AE = C + I + G + (X-M). This equation surfaces in the Keynesian economic income-expenditure model in the form of the aggregate expenditures line. However, it's also central throughout the study of macroeconomics, including aggregate demand and the measurement of gross domestic product.

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Lesson 12: Elasticity and Demand | Unit 2: The Continuum Page: 7 of 25

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  • A graphical look at three alternatives:

    • Perfectly Elastic: Perfectly elastic demand results when infinitesimally small changes in price lead to infinitely large changes in quantity.

    • Perfectly Inelastic: Perfectly inelastic demand results the quantity demanded does not change regardless of any change in price.

    • Unit Elastic: Unit elastic demand results when the perfect change in quantity is EXACTLY the same as the percentage change in price.

  • The most noted feature of this demand curve is that it is a curve and not a straight line -- the slope changes along the curve.

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AVERAGE FACTOR COST AND MARGINAL FACTOR COST

A mathematical connection between average factor cost and marginal factor cost stating that the change in the average factor cost depends on a comparison between average factor cost and marginal factor cost. For perfect competition, with no market control, marginal factor cost is equal to average factor cost, and average factor cost does not change. For monopsony and other firms with market control, marginal factor cost is greater than average factor cost, and average factor cost rises.

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