Aggregate supply is represented as a schedule or curve showing the relationship between the nation's price level (index) and the amount of real domestic output that firms in the economy produce.
The whole supply of products and services produced within an economy at a specific overall price over a specific time period is known as aggregate supply, also known as total output.
In other words, Aggregate supply is the total amount of items produced over a specified time period at a particular pricing point.
The relationship between price levels and the amount of output that businesses are prepared to produce is depicted by the aggregate supply curve.
Usually, the level of prices and total supply have a positive connection.
Demand growth or decline has the biggest impact on short-term changes in aggregate supply.
New technology or other developments in an industry have the biggest impact on long-term changes in aggregate supply.
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Answer: $11,620
Explanation:
A=P(1+r/n)^nt
A=$10,000(1+0.03/12)^12×5
A=$10,000(1+0.0025)^60
A=$10,000(1.0025)^60
A=$10,000(1.162)
A=$11,620
Note: A= Future value
P= principal
r=Interest rate
n= no.of time Interest is compounded
t= time money is invested.
Answer:
Buy 7% less houses
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded to changes in income
Income elasticity of demand = percentage change in quantity demanded/ percentage change in income
1.40 = percentage change in quantity demanded/ 5%
Percentage change in quantity demanded = 1.4 × 5% = 7%
Because the coefficient of elasticity is greater than one, it means demand is income elastic. This means quantity demanded is responsive to changes in income. A fall in income would reduce the quantity demanded.
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Answer:
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It can cause an influx in currency or extreme inflation depending on where it goes
