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Lecture 14

ECO102H1 Lecture Notes - Lecture 14: Autonomous Consumption, Aggregate Demand, Economic Equilibrium


Department
Economics
Course Code
ECO102H1
Professor
James Pesando
Lecture
14

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[ECO100 ECONOMICS]
NATIONAL INCOME AND THE PRICE LEVEL (PART ONE)
 
 
  !
 !""#
 !""#
 $%!"!
& 
Now study: [Ragan, 14th edi'on, Chapter 23]
'()"*+,
-"$.
 /0'
 '1!#2345
6!.
728!7!2/8#'9
:!.
(!+;
< =!""#7#
< ="#
/".(7 "$$
>!$.
 ?@1!8!"1!$#9(intersecon of dd&ss)
 !9
& -72@""9 (equilibrium, price and quanty change)

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

[ECO100 ECONOMICS]
/".(
>!$.('
![Aggregate Demand]
@@+"!"
![Aggregate Supply]
@@2!2!""#7!"!8#*"
A B-B/BC<(


($$-!#
 
@
?!7#28D""2
D!@#
 
C
2(
E+2C8+"78!#(8
+"7$8!#
?! !"$
 @"80!!"$
 ?!F2
& 8#G
H !"@7F2FI2
 ?!!!"$!!!"$

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

[ECO100 ECONOMICS]
J
'+"
ABI3 AKBI3
CA CAL
(A (AL
/"&.'+"!'
Price level goes up, less wealthy, autonomous expenditure decreases, which causes consumpon and
exports decrease, imports increase, therefore, AE schedule goes down to a lower level.
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