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MACROECONOMICS 1.Explain what determines equilibrium in the labour market, and show how this in turn determines the aggregate supply of output in the classical model. 2.Compare and contrast the effects of a monetary contraction in a model with rationa - Coursework Example

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Increasing labor while holding capital constant leads to an increase in output, until a certain point is reached where an extra amount of labor unit produces a proportional decrease in output. This…
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MACROECONOMICS 1.Explain what determines equilibrium in the labour market, and show how this in turn determines the aggregate supply of output in the classical model. 2.Compare and contrast the effects of a monetary contraction in a model with rationa
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MACROECONOMICS 1.Explain what determines equilibrium in the labour market, and show how this in turn determines the aggregate supply of output in the classical model. 2.Compare and contrast the effects of a monetary contraction in a model with rationa

Download file to see previous pages... These fluctuations necessitate an equilibrium which is achieved when demand equal the supply. Equilibrium in the labor market will be influences by consumption rate, taxation rate, disposable income and investment rate.
Adaptive expectation is an economic theory that places importance in the ability of past events to predict the outcomes in the future. This concept shows how people can make investment decisions in relation to the direction of recent past data and information. Rational expectation is a theory that explains that individual’s expectations do not differ systematically from the outcomes. People in this case make decisions depending on their rational outlook, information available and experiences.
An increase in AD leads to increased output and investment under the adaptive expectation concept and a decrease in AD causes a decreased output and investment (Pentecost, 2000). Under the rational concept of expectation decreased AD means of change in output and investment while decreased AS leads to an increase in ...Download file to see next pagesRead More
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