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VARIABLE COST: In general, cost that changes with changes in the quantity of output produced. More specifically, variable cost is combined with the adjectives "total" and "average" to indicate the overall level of variable cost or the per unit variable cost. Variable cost depends on the amount of produced. If there is no production, then there is no variable cost.

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DERIVATION, CONSUMPTION LINE: A consumption line, a graphical depiction of the relation between household sector consumption and income, can be derived from a simple consumption schedule, a table or chart showing the relation between household sector consumption and income. This is easily accomplished by plotting the consumption-income pairs from the schedule as points in a diagram that measures consumption on the vertical axis and income on the horizontal axis, then connection the points with a line. The consumption line can also be derived directly by plotting the consumption function using slope and intercept values.

     See also | consumption schedule | consumption line | consumption function | induced consumption | autonomous consumption | average propensity to consume | marginal propensity to consume | saving line | derivation, saving line | slope, consumption line | intercept, consumption line | effective demand | psychological law | consumption | consumption expenditures | Keynesian economics | macroeconomics | household sector | disposable income | national income | personal consumption expenditures | induced expenditures | autonomous expenditures | aggregate expenditures | derivation, aggregate expenditures line | aggregate expenditures line | consumption expenditures determinants | Keynesian model | Keynesian equilibrium | injections-leakages model | aggregate demand | paradox of thrift | fiscal policy | multiplier |


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MONETARY POLICY CHANNELS

The routes through which monetary policy by the Federal Reserve System affects aggregate production and macroeconomic activity. The six most important monetary policy channels are: interest rate, exchange rate, wealth, equities, bank lending, and balance sheet. These six channels are interdependent and mutually reinforcing. The interest rates channel is usually the most important, but all six channels generally come into play.

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