Ch23- W09 - Introduction to Macroeconomics AS/ECON1010 3.0...

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Introduction to Macroeconomics AS/ECON1010 3.0 Section R– W09 Professor: Art Noordeh, PhD Web site: www.noordeh.pageout.net
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Teaching Assistants ROOM: 1098 VH 1. Negar Razavilar Office hrs: M W; 10 – 1 pm Email: razavi2@yorku.ca 1. Lulu Lo Email: lululo@econ.yorku.ca
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Course Evaluation 1. Midterm Exam (40%):Tue. April 7 (in class) 2. Assignment (20%): Due May 21 @11:45 pm 1. Final Exam (40%): May 22 – June 2
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Online Assignment Web site: WWW.APLIA.COM Fee: Approx. $35 Course Key: V7PK-7UBN-RSLF Grace period: Till March 31 , 09
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Other Important Dates March 18 : Last date to enrol in the course without the permission of the instructor March 24 : Last date to enrol in the course with the permission of the instructor April 22: Last date to drop the course without receiving a grade May 21: Last day of Winter Classes
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Reading/Homework for Reading: Practice Exercises: Practice Exercises: All review Quizzes & Odd-numbered All review Quizzes & Odd-numbered problems problems Also: Ch.1 and Appendix to Ch. 1 (if you have not taken Introduction to Microeconomics) Study Guide: Aplia: Aplia: Week one and two: Practice questions/problems Week one and two: Practice questions/problems
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Chapter 23 EXPENDITURE MULTIPLIERS
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Objectives Explain how expenditure plans and real GDP are determined when the price level is fixed Explain the expenditure multiplier Explain how recessions and expansions begin Explain the relationship between aggregate expenditure and aggregate demand Explain how the multiplier gets smaller as the price level changes
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Expenditure Plans and GDP The components of aggregate expenditure sum to real GDP. That is: Y = C + I + G + X M Two of the components of aggregate expenditure, consumption and imports, are influenced by Real GDP (Y). So there is a two-way link or feedback loop between aggregate expenditure and real GDP.
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Expenditure Plans and GDP Consumption and Saving Plans Consumption expenditure is influenced by many factors but the most direct one is disposable income. Disposable income is aggregate income or real GDP, Y , minus net taxes, NT . Call disposable income YD. The equation for disposable income is: YD = Y NT
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Disposable income is either spent on consumption goods and services, C , or saved, S . That is: YD = C + S The relationship between consumption expenditure and disposable income, other things remaining the same, is the consumption function . The relationship between saving and disposable income,
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Ch23- W09 - Introduction to Macroeconomics AS/ECON1010 3.0...

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