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DERIVATION, SAVING LINE: A saving line, a graphical depiction of the relation between household sector saving and income, can be derived from the consumption line. The saving line can also be derived by plotting the saving-income information from a saving schedule or using the slope and intercept values of the saving function. However, derivation from the consumption line emphasis the connection between consumption and income--that the household sector uses a portion of income for consumption and a portion for saving.
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Lesson 19: Monopolistic Competition | Unit 3: Output
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Page: 14 of 22
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In this unit, you should have learned about:- That a monopolistic competition firm is motivated to produce output that maximizes profit, just like any other firm.
- How a monopolistic competition firm maximizes profit by producing output generating the greatest difference between total revenue and total cost.
- How a monopolistic competition firm maximizes profit by producing output generating the greatest economic profit.
- How a monopolistic competition firm maximizes profit by producing output generating equality between marginal revenue and marginal cost.
- How monopolistic competition achieves long-run equilibrium in the range of economies of scales less than the minimum efficient scale.
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AGGREGATE EXPENDITURES The total expenditures on gross domestic product undertaken in a given time period by the four sectors--household, business, government, and foreign. Expenditures made by each of these sectors are commonly termed consumption expenditures, investment expenditures, government purchases, and net exports. Aggregate expenditures (AE) are a cornerstone in the study of macroeconomics, playing critical roles in Keynesian economics, aggregate market analysis, and to a lesser degree, monetarism. In particular, aggregate expenditures are combined with the price level as aggregate demand.
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The first "Black Friday" on record, a friday marked by a major financial catastrophe, occurred on September 24, 1869 -- A FRIDAY -- when an attempted cornering of the gold market induced a financial crises and economy-wide depression.
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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AIC
Akaike's Information Criterion
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