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CHANGE IN AGGREGATE EXPENDITURES: The movement along an aggregate demand curve caused by a change in the price level. This should be contrasted directly with a change in aggregate demand. You might also want to review the terms change in quantity demanded and change in demand, as well. A change in aggregate expenditures means that we have identified a NEW level of expenditures on the existing aggregate demand curve. In contrast, a change in aggregate demand means that we have changed, moved, or shifted, the entire aggregate demand curve, the whole range of price levels and aggregate expenditures has changed.

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Lesson 14: Production | Unit 1: Short-Run Production Page: 4 of 25

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  • A couple of other time periods can also come into play for assorted firms:

  • Market Period:

    • The market period is a time in which at all inputs in the production process are fixed, meaning the quantity of output itself is fixed.

  • Very Long Run:

    • The very long run is a time in which all inputs in the production process are variable and the technology and assorted social institutions affecting production can change.

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PRICE ELASTICITY OF DEMAND

The relative response of a change in quantity demanded to a change in price. More specifically the price elasticity of demand is the percentage change in quantity demanded due to a percentage change in price. This notion of elasticity captures the demand side of the market. A comparable elasticity on the supply side is the price elasticity of supply. Other notable demand elasticities are income elasticity of demand and cross elasticity of demand.

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Today, you are likely to spend a great deal of time watching infomercials trying to buy either a birthday greeting card for your grandfather or a weathervane with a cow on top. Be on the lookout for neighborhood pets, especially belligerent parrots.
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North Carolina supplied all the domestic gold coined for currency by the U.S. Mint in Philadelphia until 1828.
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