Ch22- 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 22 Aggregate Supply and Aggregate Demand
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Objectives Explain what determines aggregate supply Explain what determines aggregate demand Explain macroeconomic equilibrium Explain the effects of changes in aggregate supply and aggregate demand on economic growth, inflation, and business cycles Explain Canadian economic growth, inflation, and business cycles by using the AS-AD model.
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Aggregate Supply Aggregate Supply Fundamentals The aggregate quantity of goods and services supplied depends on three factors: The quantity of labour ( L ) The quantity of capital ( K ) The state of technology ( T ) The aggregate production function shows how quantity of real GDP supplied, Y , depends on labour, capital, and technology.
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Aggregate Supply Aggregate Supply Fundamentals The aggregate production function is written as the equation: Y = F ( L , K , T ). In words, the quantity of real GDP supplied depends on (is a function of) the quantity of labour employed, the quantity of capital, and the state of technology. The larger is L , K , or T , the greater is Y .
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Aggregate Supply Aggregate Supply Fundamentals At any given time, the quantity of capital and the state of technology are fixed but the quantity of labour can vary. The higher the real wage rate, the smaller is the quantity of labour demanded and the greater is the quantity of labour supplied. The wage rate that makes the quantity of labour
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This note was uploaded on 08/04/2009 for the course ECON 1010 taught by Professor Noordeh during the Winter '08 term at York University.

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Ch22- W09 - Introduction to Macroeconomics AS/ECON1010 3.0...

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