Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
and
Aggregate Supply
Aggregate demand and supply
Aggregate demand
and supply analysis
Aggregate demand and aggregate supply
AS
Price level
Pe
AD
National output
Aggregate demand and aggregate supply
AS
Price level
Pe
b a
P2
AD
National output
Aggregate demand and supply
National output
New classical version of aggregate supply
AS
Price level
P2
P1
AD2
AD1
O Y
National output
Aggregate demand and supply
The Extreme
Keynesian Approach
Extreme Keynesian version of aggregate supply
AS
Price level
O YF
National output
Extreme Keynesian version of aggregate supply
AS
Price level
P4
AD4
P
AD3
AD2
AD1
O Y1 Y2 YF
National output
Aggregate demand and supply
A typical short-run AS
curve
A typical short-run aggregate supply curve
AS
Price level
O YP
National output
A typical short-run aggregate supply curve
AS
Price level
AD4
AD3
AD1 AD2
O Y1 Y2 Y3 Y4 YP
National output
Short-run response of a profit-maximising firm to a rise in demand
£
MC
P1
AR1
Q1 Q
MR1
Short-run response of a profit-maximising firm to a rise in demand
£
MC
P1
AR2
AR1
Q1 MR2 Q
MR1
Short-run response of a profit-maximising firm to a rise in demand
£
MC
P2
P1
AR2
AR1
Q1 Q2 MR2 Q
MR1
Aggregate demand and supply
SRAS1
(expected price level = P1)
Price level
P1
a
AD1
O Q1
National output
The long-run aggregate supply curve
when firms are interdependent
SRAS2
(expected price level = P3 )
SRAS1
(expected price level = P1)
c
Price level
P3
P2 b
P1
a
AD2
AD1
O Q1 Q2
National output
The long-run aggregate supply curve
when firms are interdependent
LRAS
SRAS2
(expected price level = P3 )
SRAS1
(expected price level = P1)
c
Price level
P3
P2 b
P1
a
AD2
AD1
O Qn Q2
National output
Aggregate demand and supply
The Keynesian
Approach
Effect of investment on
the long-run AS curve
Effect of investment on the long-run AS curve
AD1
National output
Effect of investment on the long-run AS curve
b AS (long run)
Price level
d
a
AD2
AD1
National output