Maurice Tutor

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Category > Management Posted 15 Jan 2018 My Price 8.00

aggregate output

Consider an economy consisting of many imperfectly competitive, price setting firms. The profits of the representative firm, firm i, depend on aggregate output, y, and the firm’s real price, ri : πi = π(y,ri), where π22 < 0="" (subscripts="" denote="" partial="" derivatives).="" let="" r="">∗(y) denote the profit-maximizing price as a function of y; note that r ∗(y) is characterized by π2(y,r ∗(y)) = 0.

Assume that output is at some level y0, and that firm i’s real price is r ∗(y0). Now suppose there is a change in the money supply, and suppose that other firms do not change their prices and that aggregate output therefore changes to some new level, y1.

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Maurice Tutor
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Status NEW Posted 15 Jan 2018 09:01 PM My Price 8.00

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