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Peer reviewedTruett, Lila J.; Truett, Dale B. – Journal of Economic Education, 1995
Examines the behavior of long-run average cost when the firm knows it faces pecuniary economies or diseconomies of scale. Asserts that the central issue is the conditions under which the scale properties of the production function will or will not dominate the pecuniary effects of changing input prices. (CFR)
Descriptors: Business Cycles, Capitalism, Cost Indexes, Economic Factors
Peer reviewedKyer, Ben L.; Maggs, Gary E. – Journal of Economic Education, 1995
Utilizes two-dimensional price and output graphs to demonstrate the way that the price-level elasticity of aggregate demand affects alternative monetary policy rules designed to cope with random aggregate supply shocks. Includes graphs illustrating price-level, real Gross Domestic Product (GDP), nominal GDP, and nominal money supply targeting.…
Descriptors: Business Cycles, Capitalism, Competition, Consumer Economics
