34 0 1MB
Principles of Economics chapters
1. Ten Principles of Economics 2. Thinking Like an Economist 3. Interdependence and the Gains from Trade 4. The Market Forces of Supply and Demand 5. Elasticity and Applications 6. Supply, Demand, and Government Policies 7. Consumers, Producers and the Efficiency of Markets 8. Application: The Costs of Taxation 9. Application: International Trade 10. Externalities 11. Goods and Common Resources 12. The Tax System 13. The Costs of Production 14. The Competitive Firm 15. Monopoly 16. Oligopoly 17. Monopolistic Competition 18. The Markets for the Factors of Production 19. Earnings and Discrimination 20. The Distribution of Income 21. The Theory of Consumer Choice 22. Measuring a Nation's Wealth 23. Measuring the Cost of Living 24. Production and Growth 25. Financial Markets: Saving, Investment, and Interest Rates 26. Unemployment 27. The Monetary System 28. Inflation: Its Causes and Costs 29. Open-Economy Macroeconomics: Basic Concepts 30. A Macroeconomic Theory of the Open Economy 31. Aggregate Demand and Aggregate Supply 32. Monetary and Fiscal Policy Determinants of Aggregate Demand 33. The Short-Run Tradeoff between Inflation andUnemployment 34. Five Debates over Macroeconomic Policy
Principles of Microeconomics chapters 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 -------------
Principles of Macroeconomics chapters 1 2 3 4 5 6 7 8 9 ------------10 11 12 13 14 15 16 17 18 19 20
--
21
--
22
! " ## !
$
%
"% " " &' "%(
'")
*
% " +' '
")
'
), , "% ) " ' "
-
. )
) " " % ' " , , +
&
)
"
/0
1
% ' " "
) " # "
"
'"
2
% 3 3 ) " 4 )
"' "
5
6)
) ! ) " , 7 , 1-1
8 ' % ) ' 9 "
, :
. ' % ' ") ' ! "
;
+ + ,'
" 4>> '
+ " "' 4>> "' % , >> & > >
" /
8 ' ")") !
21% ") " 4>> " % >> ") 21 1-3
5
:
0 " " ") " "
% "'"
" , " " % "
,
# )
,)+ ) , ") ) ")
") ")
# > # ) 8
) >") ) 8 ") 8 ") ) " >") % > 8 >") 8 ") " "
;
/% D
, C
)" ,
DC
)" ' " " + ) " '
D '"
C " D C ) D +
) D " " )" D '% ) ) C" " +
, ' " ) D> D
1-4
E > *1 "
) % ") %
*
+9 " ") "
, ")"% " ") "" ' " "" % '
" ' % "
-
+ '
+ )
+ ' " " "'
1-5
1
% ) " ) "
)" "
)
"
9 ) "
"
1-6
! " # "
$
%
&
'
& ! " &
(
)% $*
+,,)- # ! ,,) +,,)-. !
Quantity of Milk Produced
PPF1
PPF2
Quantity of Cookies Produced
2-1
/
0 0
1
,
% ! " , 23 % . 2 %
%
4
& %
5 6
#
7
%
2+- %
8+$- 8+'- %
0
$
6
%
9
. 9 9 %
: %
) %
%
!
'
6
)% $*$8
2-2
c. $7 a. $1
c. $7 a. $1
Markets for Goods and Services
a. Quart of milk c. Movie ticket
a. Quart of milk c. Movie ticket
Firms
Households
d. Acme’s capital b. One hour of work
Markets for Factors of Production
b. $4.50 d. $10,000
d. Acme’s capital b. One hour of work b. $4.50 d. $10,000
" % #! " % "9 ;:
& E 6% ? ?
$
& % % " %
! & #! %
!
) " % % 2-5
%
% % D4B
% & % % !
,
% @
% '
: " 6 % "
" F
% % % "
C! , , = C %
%% " %
#! 9 +-
% "
% %
! @" % "
" %
& %
9 "
) "
" "
"
2-6
!
" # $ # % & ' %
' % '
( ' ! ' % ) *
+
,
#
!% -' % '
.
/
%
, # # !0 '
$ 1) ' 1) 1)
!
$
2 +3," ( *
00 3-1
Economics Pages
, !40 5 6
100
250 Sociology Pages
+
,' " 00 , .0 $ 00 .0
'
' 7 8$
1.
10
9
1.
14
$
2 +3!00 ' '
' .00 $ 8$' 0 8$ 000 $ 9 ' 49 400
6 :
3-2
Cars (millions)
400
U.S. Japan
500 1000 Grain (millions of tons)
$ 8$' .0 !1!0 .$ 9
' .4 1.4 .$ 8$ !14(. 0* 9 .14(. 4*6 7 ;7
( *
( *
8$
!1!
!14
9
1.
.14
:
- ( ' * '551!
1! (!*' ' 55> '55 ' ' ?? '55!1+
!1+ (.* ' ' 55$ > '55 ? > '55
$ > '55 ' 55
#
? '
6 55
'
!1+
, ? ' 55(!1+
* 55> ' 6 55
'
1!
, >
'
( ' 1!
'55*
? '
$ ' ' +0 4 $
3-4
146
$
2 +3+,0 ' !0 ,0 ' +0
+00 5 $
, 0
4 ' 6 4 ' 40 (4 ' +0 ' *62 +3+ , 8 $ 0 0
!0 $ !0
!00 0 6 40
Cars (millions)
20
10
A
B
150 200 300 Wheat (millions of bushels)
3-5
@
6 ( * , '
=
/' $' /' (40.0* $' /' $' (!* /' 140 ( 40 * $' 1!0 (! .0 *$'
!0 (.0 ! * /' 40 (40 *
,/$ $
/
!0 40
/ $' & $
,
(.0 !0 * / (40 *
' ' '6 ! ' '
'
' (+' *' (! ' ' *
)
'
'1! ' 3-6
' ' ' ' ' ' ! '
A
0
, ' ' #
' '
#
6
! ' ' ' ' '( ' '*
! ' ' '(! '
'*
6 B 2 '
6 2 2 B 6B $ 2
6
B 2 2
6
6 7155,/559?155@?>7+5,559?55@A7 >7155,/559?055@?>7+5,559?+@A3?03! 9
!
! !
7" " 9 "
!
B
=1 =5 =5555>7)5,%9?)5@?>75,19?1@A)?+A517 >7)5,%9?%/@?>75,19?3@A! 9- =555 >7+5,)+9?+5@?>75,19?1@A?+A5)7>7+5, )+9?)0+@?>75,19?3@A3?35)0! 9
!
B
=5555 =555 =>7%5,)9?)@?>7555,55559?5555@A 5-3
+?)A+7>7%5,)9?0@?>7555,55559?555@A?3! 9 B
=5555 =555 =/>7,19?1@?>7555,55559?5555@A+? A+7>7,19?5@?>7555,55559?555@A?+A!
9 )
+
-& ,
*
=%5 =3555 55
- 5 =3355 ( =%%55 5
5
!
& (
! . =%5 =3555 55
- =%5%5 33
>C D !
!
4 "
.
# @
:$ :! ? :@ :. > + ? :( :!
3 2 8 #
1 :& :.:& :$:. ::$ :
9 ( $ ! ;
7-5
Price of Water
3 2 % &'&
$7 $6 $5 $4 $3 $2 $1
B
A
1
.
2 3 4 Quantity of Water
:0 :$?: >:0 :. ? :@ :.> + ? :(:0
% 3 2 2
8 #
9
:! :( :0
! $
9
$ !
7-6
A :(
! ) :( :( :(
$(:(5:(=:B
43 :$
(4 :$
$" :$5:$=:0
43 :.
:( :4 :$ :( :" :5:= :!
, % &'B)
S1
Price of Computers
0
S2
A
P1 P2
B E
F
C D G
Demand Q1 Q2 Quantity of Computers
7-7
) )5 5 5/ 5 5/# 53> ?) 35%5 C" %5C'
" 5 5/ %5C' 5/5%5C
4
, +% &'@ ) )5
Price of Computers
A S1 S2
B
Demand Quantity of Computers
&
% &';
"
:(:.% ) / "#C A2 2
*
:>:B :! :&
:$ :. :( ?
7-8
Price of Haircut
$8 $7 $6 $5 $4 $3 $2 $1
Sally Phil
C A
2 3 4 Quantity of Haircuts
42 ) / "D :B A :!" :0"D A
4% &'
9
9 4 9
) " % &'! 9 *
Price
B
Oprah
D
1
B
Geraldo
Supply
A
Demand Q2 Q1 Quantity
7-9
Price
Supply
B
Demand Q1 Q3 Quantity
% &'$
4 :;;
9
Price of Medical Procedure
@
$100
Supply
$20 Demand Q1 Q2 Quantity of Medical Procedures
4 :!;
9 " :;; * + * + 9 9
*
7-10
*
) >:B; ?
% &'(
##
99
Price of Water
;
S2 S1 P2 P1
Demand Q3
Q2 Q1
Shortage Quantity of Water
4 *
9 9
"
2 2 * +
9? 2 , ,
*
, 6 2
'
"
2
2 " ' 6
7-12
!
" #$ % & &% ' &
% ( % )* * %
+*,*" % %
( (% (-(* & & '.% ) " *+ % *, & ''
A
Supply
Price
PB P1 Ps
B
C
D F
E
Demand Q2
/
Q1 Quantity
% 0 &
& 1
8-1
2
% %
" #$! 1 33 & (
& &' )* * +*,*" % 3 4 %
$$)* * *+*,*"
Supply Price of Pizza
PB P1 Ps
A B
C
D
E
F
Demand Q2 Q1 Quantity of Pizza
5 33 (% (% (-(*5 & ' ) " *+ % *, * +*, *+ % *,
6 %
*+ 1
% % & &% ' % & % ( % )* )* * ( % +*" +*,*" +
8-2
% % 6 *+
% !
/
2
76 % % %
7 % 0 % 8 %
76 % % % 7 %
%
6 % % %
7) % 7 ) %
& %
7)
% 7 ) 99 99 % % : % &3
% )" #$/% )*
; *+
8-3
Price of Rubber Bands
A
C
Supply
B
D
Demand Quantity of Rubber Bands
% )" #$2% ; )* % *+
Price of Rubber Bands
Supply
A
C
B D Demand
Quantity of Rubber Bands
1
& & 1 1 3
0 ? % %$ 6
" #$ 5!
& ( & &' ( (A% (-(*5!B & &' % 0 +* %
!"#
$!%"
& )*
)* *,*"*D
*A,*"*DB
&
* *,*6
,*6
*A * B
%9$A * *+*,*"*D*B$A * *+*,*"*D*B & )* *,*6)* $+*,$*6$A+*B
Supply
Price
Ps
A
P1 PB
B
C
E
F G
D H
I
Demand
Q1 Q2 Quantity
8-8
0 & &&
!(-/99$() ( & /(-/99+ / ( -99((-991 &&
'-!99
.%( (* ,&&
& !(-/99$A(*B) ( & /(-/99$+ / (-99$E/ (*-99*!E/ &%'-!(!99$!E/ 9999$E/
9999*!E/ & !99!99$!E/
0 ''-!99$!E/ &!99$ !E/" #$#% 3 9-/99
Tax Revenue
/
0
300 T
)" #$@% A B
% E! % % 3 &%!E/0 % &E!!E/-E/ 9A% -9B2- + ! !
,
.
! !' '' $ ! !
'' $ !
) ? $ '
!
+ '! ! '
!
'$
!
@
!'!
$ '
!) '
'
. '
$ 29 -
' ' $'2
!
/
- $ $ A
$ 2 A " ! ) $
+ " ! !
!
$
'
5
- '4%5 $4% -$4 $ 2 ! + $'"
'/ !/ $ !8 / - + -
$'"
' / + ! / 2 $ - !, 10-8
4%,;46$ !5 45;45 4$ !
. 2! $ -' !,4%,;46$ ' ! /4%5/;4$$ ' !4;4 '! 4$7246 ' !
10-9
!"" # "" ## #
$
# %
# # #& ' # #
(
) # # # #
# &# # #
& * #
+ #' # , # '* #
, ' -" # -
&
*
. /
*
#
,,
+
# # ,# &
# ' 11-1
$
./! # .
/. ' # /0 ' # #
1 # .$/* '
2
# # #
.(/+ . /) # ' ) # .3/4 & .5/
&
#
#
6 #
#
(
& # #
* ' #
& ' ' 1'
& 7 * ""' %) %* 8
) ' # # ' * 7* #' 11-2
3
6 # #
9 # #
5
6
# 8
# ' # 2 # )
"
:
2 # ' 9
#
! # #
#' # * # - * # # - " * #
;
2
& #
&
, ' -
# " #
#
# #
#
#
# + #
* #'
& ' - 8# #
-* #
-1
" & # # # ' # '
?
4 " , ' -
*
# ,
11-4
!
"
#$
% &'(( ) % &'*+ )
*
% %, -
- % ' %
(
' %% ' ' .&)% ' / ' 0&")% ' %
1
$ % ' % 2 % -
+
3 % % % ' .&) '
' 0&") '
4
5 / ' % / 5 /' -'%
/'6 % ' %
! "
7% %8 /'
%
%
, ' ' 6 %
12-1
%
'' - %
"
,
*
*1 '' 9:+; *1 0'::1 ((
'
! % ' *1 &*1 :+;*( ::1) % &+ :+;: ::1) % ' &+ :+;*; ::1) % % &** :+;"4 ::1)
% *1 &"( :+;(* ::1) &4; :+;1; ::1)
9 '
% 5 '
$ ' , ' % ,
'
9'
5 % /, '
% % , ' , - '
9% , 5 % ' , $ '
'
- 7 ,
'
(
12-2
! , ' ' '
% , 1
' % '
'
'
% ' '
% '
5 % ' ' - %
+
9 % 1 + -' % "; % "; % "; ' - % , 9 %
% '
% '' ";
4
26 ' % '0-, %
'
' 79 ' '
26 79 , 2:=+ ' / '! % / /,
:
,
%
' '
12-3
;
'
%
% '" = =;=> ;=> +
Price, Cost, Revenue
PM
B C E D
F
Marginal cost
PC
Marginal revenue
Demand
QM QC Quantity of Groceries
!
-
2) - 9 - 0 /< < 0 &*
?"???
&*?"???
,?"???
@?"???&??"???
&&
&?"???
**?"???
??"???
'*?"???3?"???
&?'?"??? 3??"???,?"??? *,?"???&?"???
5
*?"???
!&?"???
&??"???
,&?"???
5?"???
3
,?"???
5??"???
&,?"???
,,?"???
*?"???
*
3?"???
5*?"???
'??"???
,*?"???
0 . A32,?"???" A,,?"??? 15-5
B( "
A,,?"???
"
5
- " 1 9( : #
1 9"
1 9( "
@
- )
0
9 / < <
5
?
?
!
??
!??
3
&??
"&??
,
'??
",??
*
*??
"3??
'
,??
",??
&
3??
"&??
!??
!??
?
5??
?
!?? ,?? '?? ?? ?? '?? ,?? !??
- . . " 2. " 2. - A*2*??- 5??" ( 2 2. -
.2 2
- ( -
A"3??"??? A&"???"???" A*??"??? 15-6
1 " 2 . " (
C " "
(+ ,3" D&5 5??"???EA'"&??"???"
Price
8
Area = 12 x 8 x 800 = 3,200
Demand
800 Quantity of Crossings
+ ,! (- ( 2 / 00 2$0 %/
Price, Cost, Revenue
?
Marginal cost P1 Average cost AC1 Demand Marginal revenue Q1 Quantity of Drug Bottles
15-7
- "+ ,5"2 /" 0"
Price, Cost, Revenue
Marginal cost + tax Average cost + tax
P2 AC2
Demand Marginal revenue Q2
- " 2/ 0 "( .
: ( 8 "
A?"??? 2 / 0+ ,! ( 1 " " 8" A?"???
F # " 2 $
% 2 "2/ 0+ ,@ " 2. "2/ 09
. " 2 " 2/ 0
15-8
Price, Cost, Revenue
Marginal cost Average cost
PM PL PC
Demand QM
QL QC
Marginal revenue Quantity of Drinks
'
F
(
4
"
: #
1
$ % # $ %
- "+ ,? 2/ 0" = " =;" = = =;
Price, Cost, Revenue
&
PM
Marginal cost
A B D C
E
Marginal revenue
Demand
QM QC Quantity of Chips
15-9
*
1 " 2/
. = = =;=>"; >. - ( =
2
1
2
" "2 " : 2" " - #
. "
"
1 2 2
" : . 2 " "
.2 "
,
- -
G: # - -
3
-
%
>
%>
"
""
"
"
"
%)
16-2
> ?" ?& ?) ?0 ?>
+ ; ; * / ;. )' !
3>4
%
1-' $ ;. $ ) ! ! ;&"
;) ;%) - % ;0 1 % -' &
;)-' ! ;"&
$ ;& $ ;"> ;"
$ ! $;" $ * 6 $ $
$
$
$ $
! $ !
$ $ $ $
! / !
&
A $ $ A
(
$ ;"($ < * , - $ 16-3
;">$ ;>$ - , - , - < *$ ;%>$ ;"($ , - < *$ ;">$ ;>$ -< *
.
$
'9 $
$ ! ! 9 $ !
9'#'
$
8 $ $
$* $ $ ! $* !' $ @- $ $*
B $ 3 ' 4! ! $ 2
B
$
CB +
-
+
2 2
2 2B
-
2B 2
2B 2B
$ $ $ ! ! 3
4 ! 3' 4 $
! B3 4 ! B3B 4- C
! ! 16-4
$$ $ 0
8! $ !
$$
- * $ $
@
$* 2
' B
B
$
2 ' 2
2 ' 2!
2! ' 2
2 ' 2
' ' -' ' ' - - $! 9 $ $
>
'$ $ $ 5 $ $ ! $ 34 $ $
$
D > - >"> ;&>>> - ;>>> $ ;%>>> ;%>>>> > "> %> ;%>>> 7 $ ;">>> > ;">>>>5 "> ;&>>>> 16-5
$ ! "> &> ;">>> 7 ;>>> ;">>>>
$ 2
- B > "> D B
$
>
D 2;%>>>> - 2;%>>>>
D 2;">>>> - 2;&>>>>
">
D 2;&>>>> - 2;">>>>
D 2;">>>> - 2;">>>>
D > - "> D "> - $ 3 4 >"> -- !"> - > D "> - "> D $ 3 4 >"> -D !"> 9 $ ! ">
;">>>> $$ $ > 5 $ ;%>>>>
- !
-!
! $
! !
16-6
! "
# $ % # $$&
' ( "
% # ( ( )'
(
"' *
+ ,&$ & ) ' # - )' - '
Price1 Cost1 Revenue
Marginal cost P
Average total cost
Demand
Marginal revenue Q Quantity
!
. ( ) ( ' (
' '
' $
* (
$ ' *
/
0' $ & 1( 1 ( # 17-1
' $ & ' 2
0' $ ' ' )0 $1 $
' $&) ($ $
' &)
3
$ " ' )$ )1 4 ' ' ' )
# 5 '
# $ ' 1 )0 (
# ' (
# '
61
# ' "$ )
# # ' # ( $
"$
0 $ (
' $ .
$
"
17-2
!
% ' 1 ) $ ' $ )
$ ' $ $ $
/
Price1 Cost1 Revenue
+ ,& # .# &
) & " * ' 7 -
PM
A
Marginal cost
B
C
Average total cost Demand Marginal revenue
QC QM Quantity of Sparkle Toothpaste
2
.# 1* ( )7( )'
.# 08 ' $
'
&' (7. $ ( '
$
( 77
9 ' .# ' (
$ ' $ "
( $$9 (.# 1 $
. ' # 1 ( ' # $ $ # " &' " & " &' " ' "
$ & " '
17-3
" $ . 1# " $ # (1 $ $ (' ( $ 3
$ $( # ( $ $ %# .
-
%
%
# ?
;
.
=>.
' " ?
;
.
=>.
' ?
;
.
=>.
#7%@A% ?
=>.
=>.
=>.
#7 A% ?
=>.
;
.
?
=>.
=>.
;<
" * ?
=>.
=>.
=>.
:
,
( '
'
' . 1 $ "
( 1# ($+ ,&!. ( 17-4
-( "
(% ( $ "
1
Price1 Cost1 Revenue
Marginal cost PM
MCM Demand
Marginal revenue QM Quantity
B
9$ # & (1$ # " ( # $
C
%$ $ "
" '
"
$' ( 1$) $ "
1 #
D
0 &$ $ # ' & $ ' # ( $ 1 ' ($ ' #
0 # ' #& 1 $
# #&($ ' $
#
0 ' $# ' ' $ #
$ $$ ' 17-5
' ' ($ $ $$
- # ' ( $ # ( # $
. " - '
)# . " # # ' ($ $
+ ,&/$ 1
( ' ( ' 1 -( % ( #'
-&% Marginal cost Price1 Cost1 Revenue
PT
MCT Demand
Marginal revenue QT Quantity of Tylenol
+ ,&2$
( ' ( ' #
# *
' ($ # $$&
' # # ' ($ # ' #( # $
17-6
Price1 Cost1 Revenue
Marginal cost
Pg = MCg
Demand = Marginal revenue
Qg Quantity of Acetaminophen
# ' )(
)$ ( ' $ ( $ (' $ $
17-7
! "
#
! $% & ' " ! $ ! %% % ! %
!
(
$ )
"$ $
* +%$
,,$
--$ . .
Price of Apples
Supply
P2 P1
D1 Q1 Q2 Quantity of Apples
18-1
D2
/ $ ! ! ! ! $
$
* +% $ !
! ,, 00$ Wage, Value of Marginal Product of Labor
#
Supply w2 w1 D2 D1 L2 L1 Quantity of Labor
*
12
%% 2 12 $
!
)
2 $
$ ! "
* +%#
! ,, 00
18-2
Wage
Supply
w2 w1 D2
D1 L1 L2 Quantity of Labor
2 3
$ * +%( ! // 00 S1 S2
Wage
w1 w2
Demand L1 L2 Quantity of Labor
18-3
2 $ ! ! * +%4
!
,, 00
Wage
Supply w2 w1 D2 D1 L2 L1 Quantity of Labor
(
% & ' "
! $ ! ! 2
!
/$ !
&
$ "
$ ! $ ! $ $ $
4
/ & '$ " ! / 56 $ ! 56 / !
$ 5#$ "
18-4
* +%6 7/ " ! $ / / 88
Rental Price of Capital
S1 S2
r1 r2
Demand K 1 K2 Quantity of Capital
!
! * +%9
,, $
00
Supply Wage
6
w2 w1
D2 D1 L1 L2 Quantity of Labor
18-5
! : 0
.
=
=
9 #
#
>
(
4
4
+
6
>
;-0
" $3
D & ' $
& '
D &
! " $ &
% " " 3 ! $
'
%' $
7 & '
$
$ !
2$ ! ! " $ $
18-9
!
"
# $
%
&
# ' '%
%
(
) % $ %
*
%
+
) % % , $
-
-
)
-
% ' , % - 19-1
. $
"
/01
% % ' % % 20"1
&
3 $ % - $ 4 %
5 % - ! '
(
4
678698 678 698
%
:
678 : 698'
*
%
: % %
% % % % % % ' % 0; % % ! % % ! 1
+
, 6: >>#$39%:4634
! ) " " . &
34'" . 4! ' ""9 "
" ' ""9 ! ' " . ' " ' " ) "" ! "" " "&""' #
/ # ""' &3 "&3
0B & ""B,B& >>B A +'#7,B,B67>3?C7 &0B& >>B """ #7 ,B,B67BD7 & >>B"' ""#7 3B,B67?0 D703& >>B"' "#7,3B,B67 3?C7 &,& >>B #73B,B67D73>& >>B"' 0
1 ' )"
& ' *+
! & )"
)"! "
"
)"& ' + &'" *+ " "" "
3
'( )" (( )" (
8
$0E93E%:3E468B4
$7? 97,,3%:7,,346 ,4
+>B#73:$7,,3:8%6 B +>>#70:$7? :8%6
F ' '
+ " " " &1"1 '" " "'
" *+ "1"1 *+
1 " " " " &
" """&"
" " ' ! &
" "&''" ' " = G " "G ' " *+
B
23/11-3
?
>
F " ' & " "'
9
? - " (+4
" - ! 2 @ AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA B / >) B ' >)? @ >1 B B
3
- - "! !
!
- !
0 * !" " * " ! $
*! >?? !"
!"
> ???
? D?E?( >F?? > ??? >?? 27/15-4
G
; ? " D?E? ! # 0!
- # >? +
! >?? ( >? ! #
F
* . $8 !0 >.?? ???#?.E>. ???-
>?? ??? # >3. ???
; . D?.E? *$8 # >3. ???
>3. ???#?E> .?? ???
; ? #
D?E?* $ > > ?#> E >?
! " #
++ " ! 0 !"" " ! *!
# 0 " 0" 0 !
;!" ? D?E?- >?? !?#>?? E> ???
* ? D?E.; >?? ! >.??/ "
!
* > ???
*
!?? > ???
* > ??? > ???
> ???
?
27/15-5
*! ? D?E? -
?# > ???E>? ???
* 5 6
5'6
? 4 56 E'
% 56?#5> ???+ 6E' 5?6
0 " 5> ???+ 6
5'6," " ? #5> ???+'6E' >? ???+?'E' >? ???E' 'E > GGG( E> GGG( H'E >& 1&1&1
27/15-6
!
"
#$ %&'#$ ( ) %&'
*
+, $ + $ $ -
.
/
0
1 2 $ 3 $ $
4 , 5 6 '
$
7
+ $
$
28/16-1
4 8 8 (9$-:'$;)
1 ,
6
&&
!
! &
%& ! !
!& :& & &&
D (! & 6 Long-run aggregate supply
Price Level
B
Short-run aggregate supply
A AD2 AD1
Quantity of Output
31/19-8
:&& ! !& !
E ! 6
61 -56-
(! ) ?:
&61F
) ?
(& !
!