Given:
Marginal propensity to consume (MPC) = 0.8
Equilibrium real output = $500 billion
Full-employment output = $540 billion
Find:
Change in government spending ΔG = ?
Computation:
Change in output ΔY = Full-employment output - Equilibrium real output
Change in output ΔY = $540 billion - $500 billion
Change in output ΔY = $40 billion
Change in output ΔY = [1 / (1 - MPC)] × ΔG
$40 billion = [1 / (1 - 0.8)] × ΔG
$40 billion = [1 / (0.2)] × ΔG
$40 billion = [5] × ΔG
ΔG = $40 billion / 5
ΔG = $8 billion
Change in government spending ΔG = $8 billion.
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My answer -
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Answer:
D) Price and Quantity Supplied
Explanation:
A supply curve is a graphical representation which involves the relationship between the price of a product and the quantity supplied of that product.The vertical axis on the graph represents the price of the product or commodity while the horizontal axis on the graph represents the quantity supplied of the product or commodity. The supply curve is illustrated as an upward slope from left to right because of the relationship between the price of the product and the quantity supplied of the product or commodity.
