1. Jane's utility function is U(x₁, x2) = x₁ + 2x2, where x₁ is her consumption of good 1 and x₂ is her consumption of good 2. Her income is 4. The price of good 2 is 2. a. What is Jane's utility maximizing choice when the price of good 1 is less than 1? b. What is Jane's utility maximizing choice when the price of good 1 is more than 1? c. How about the case when the price of good 1 equals 1?
Answers
Jane's utility function is U(x1,x2) = x1+2x2, where x1 is her consumption of good 1 and x2 is her consumption of good 2. Her income is 4 and the price of good 2 is 2.
a) When the price of good 1 is less than 1Since the price of good 1 is less than 1, we need to find Jane's optimal choice. We have the budget constraint equation as, P1x1 + P2x2 = M
Here, P1 is the price of good 1 and M is the income of Jane. Therefore,
P1 = p, P2 = 2, and M = 4. So the budget constraint equation becomes
x1 + 2x2 = 4 - px1 = 4 - 2x2Jane's utility function can be rewritten as,
U(x1,x2) = x1 + 2x2 On differentiating the utility function partially with respect to x2, we get, MRSx1,x2 = MUx1/MUx2= 1/2
Now equating MRSx1,x2 with the ratio of prices, P1/P2, we get,
MRSx1,x2 = P1/P2= p/2
Since p<1, the MRS is less than p/2. Hence, Jane spends all her income on good 2. Therefore, x1 = 0 and x2 = 2b) When the price of good 1 is more than 1The budget constraint equation is the same as before. Here, P1 = p, P2 = 2, and M = 4. So the budget constraint equation becomes,
x1 + 2x2 = 4 - px1 = 4 - 2x2
Jane's utility function can be rewritten as, U(x1,x2) = x1 + 2x2On differentiating the utility function partially with respect to x2, we get,MRSx1,x2 = MUx1/MUx2= 1/2Now equating MRSx1,x2 with the ratio of prices, P1/P2, we get, MRSx1,x2 = P1/P2= p/2Since p>1, the MRS is greater than p/2.
Therefore, Jane spends all her income on good 1. Hence, x1 = 4/p and x2 = 0c) When the price of good 1 equals 1Here, P1 = p = 1, P2 = 2, and M = 4.
The budget constraint equation becomes,x1 + 2x2 = 4 - x1 = 4 - 2x2Jane's utility function can be rewritten as, U(x1,x2) = x1 + 2x2On differentiating the utility function partially with respect to x2, we get,MRSx1,x2 = MUx1/MUx2= 1/2Now equating MRSx1,x2 with the ratio of prices, P1/P2, we get,MRSx1,x2 = P1/P2= 1/2
Therefore, Jane spends equal amounts on good 1 and good 2. Hence,
x1 = x2 and 2x1 = 4 - x1. On solving these equations, we get,x1 = 4/3 and x2 = 4/3. Answer: a. When the price of good 1 is less than 1, x1 = 0 and x2 = 2.
b. When the price of good 1 is more than 1, x1 = 4/p and x2 = 0.c. When the price of good 1 equals 1, x1 = x2 = 4/3.
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Related Questions
4. As a result of the Covid pandemic, the management of FeiFei plc (F) are discussing with the executive workers union Emsa (E), the introduction of more flexible working practices to help increase profits. In return for accepting the new working practices, E are negotiating an increase in salaries. In these negotiations, E are attempting to maximise salaries and F are attempting to maximise their profits. Both F and E realise that they can each employ one of three negotiating strategies, and the profit/salary increase (%) depends upon the strategy employed by both F and E as follows:
E's Strategy
E1
E2
E3
F1
(5,6)
(6,8)
(2,7)
F's
F2
(5,4)
(8,5)
(2,6)
Strategy
F3
(5,3)
(8,3)
(3,4)
(If F employs F1 and E employs E1 then profits will increase by
5% and salaries will increase by 6%)
(a) Determine the likely outcome of these negotiations and explain how a more optimal outcome for both F and E might be achieved.
(300 words maximum) (35 marks)
The management of FeiFei plc (F) is also attempting to renegotiate a deal for the cost of its raw materials from Hippo plc (H). The price that F will pay and the amount that H will receive per unit of raw material (£) depends upon the strategies they both adopt as follows:F's Strategy
F4
F5
F6
H1
8
12
4
H's
H2
10
6
11
H3
10
14
8
Strategy
(If H employs H1 and F employs F4 then H will receive £8 per unit for the raw material and F will pay £8 per unit for the raw material).
(b)
(c)
Discuss why H3, F4 might appear to be a 'solution' to these negotiations and explain why it is unlikely to be achieved in practice.
(250 words maximum) (25 marks)
Determine the optimal strategy for both H and F in these negotiations and the amount which F can expect to pay for the raw materials. Explain the method
adopted at each stage of these calculations.
(300 words maximum) (40 marks)
Answers
The outcomes, represented as (profit increase, salary increase), indicate that the most favorable outcome for both F and E is when F employs strategy F2 and E employs strategy E2, resulting in a profit increase of 8% and a salary increase of 8%.
By analyzing the possible strategies and their corresponding outcomes, it becomes clear that F2 and E2 offer the highest gains for both parties. However, to achieve a more optimal outcome, F and E could employ cooperative negotiation strategies. This approach would involve open communication, compromise, and finding a mutually beneficial solution that balances profit maximization for F and salary maximization for E. By focusing on long-term sustainability and growth, both parties can work together to create a win-win situation that addresses their respective objectives.
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Type the correct answer in the box. Spell all words correctly.
Ideally, what should more than one member of the family contribute to for a better financial position?
A family can have more than one person contributing to the household _______
for a better financial position.
Answers
A family can have more than one person contributing to the household income for a better financial position.
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why is productivity growth considered to be the most important factor in the ad/asad/as model? an.it shifts the ad curve in the long-term b.it shifts the ad curve in the short-term c.it shifts the as curve in the short-term d.it shifts the as curve in the long-term
Answers
Productivity growth is considered to be the most important factor in the AS/AD model because it shifts the AS (Aggregate Supply) curve in the long-term, option (d) is the correct one.
Productivity growth means that more output can be produced with the same amount of inputs or resources. This leads to an increase in the potential output of the economy, which shifts the long-run AS curve to the right. As a result, the economy can produce more goods and services at the same price level or the same amount of goods and services at a lower price level.
In the short-term, an increase in productivity growth may lead to higher costs and prices for businesses as they invest in new technology and training. However, in the long-term, the benefits of productivity growth in terms of increased potential output and lower costs will outweigh the short-term costs, resulting in a rightward shift of the AS curve.
This shift in the AS curve will eventually lead to a lower price level and a higher level of real GDP, which will shift the AD (Aggregate Demand) curve to the right in the long-run. Therefore, productivity growth is considered to be the most important factor in the AS/AD model as it has long-term effects on the potential output and price level of the economy.
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In a long period of economic expansion, the tax revenue collected _____ and the amount spent on welfare programs _________, creating a budget ________. Group of answer choices increases, decreases, deficit decreases, increases, deficit increases, increases, surplus increases, decreases, surplus decreases, decreases, surplus
Answers
Answer:
increases, decreases, surplus
Explanation:
In a long period of economic expansion, the income earned by individuals would higher, so the amount of tax earned would increase also. Also, In a long period of economic expansion, unemployment would be reduced so the government would spend less on welfare programs
when government revenue exceeds expenditure, there is a surplus.
Jake’s company uses a unique ergonomics and organization system to help employees work more efficiently. The company wants Jake to sign a nondisclosure agreement not to expose the system. The employee may share the trade secret with others outside the company. The employee may be subject to fines if he were to reveal the trade secret. The employee may use the trade secret at another company as long as he does not reveal it to others. The answer is dependent on additional details not provided. No trade secret exists in this scenario.
Answers
If the company wants Jake to sign a nondisclosure agreement not to expose the system. The employee may be subject to fines if he were to reveal the trade secret.
What is nondisclosure agreement?Nondisclosure agreement can be defined as the agreement that a person should not disclose confidential or sensitive information.
in a situation were Jake sign the nondisclosure agreement and still went ahead to disclose the information , the employee will be subject to fines because the employee has break the nondisclosure agreement that is between him and is employer.
Therefore If the company wants Jake to sign a nondisclosure agreement not to expose the system. The employee may be subject to fines if he were to reveal the trade secret.
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For external reporting, income statements are generally prepared using.
Answers
For any form of external reporting, income statements are generally prepared using Absorption variable and Variable costing costing is used for internal decision making purposes.
What are the income statements?The income statement is one that is based on some key items such as revenue, expenses, loss, etc.
An income statement is said to be a form of financial report that gives details a company's income and expenses in course of a reporting period.
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Helen and jim itemize deductions when they file their income tax return as married filing jointly. if they paid $14,000 in state and local taxes in 2022, what would be the maximum state and local tax deduction they can take on their federal income tax return?
Answers
Under the Tax Cuts and Jobs Act (TCJA), the maximum state and local tax (SALT) deduction for tax years 2018 through 2025 is $10,000 for married filing jointly taxpayers.
What tax breaks are available to married couples?For tax year 2022, the standard deduction for most married couples under 65 who file a combined return is $25,900, while the standard deduction for couples who file separately is $12,950. Joint filers typically have lower income requirements for tax advantages like the deduction for IRA contributions.
Which of the following taxes is ineligible for itemized deductions?It is not possible to itemize the gas taxes paid for individual travel. When using the real expense method for standard deductions and driving a personal vehicle for business purposes, this expense may be deducted from income.
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What are the key qualities required for an individual starting a new business?
Answers
The key qualities required for starting a new business are ambition, resilience, and financial management skills.
Ambition is essential in order to have the drive and determination to start and manage a business. Resilience is also important, as it helps to face the challenges that come with running a business and to remain focused on the main goal.
Financial management skills are also essential, as this help to understand the finances of the business, budget properly, and make informed decisions.
Furthermore, good communication and networking skills are essential in order to create business relationships, and marketing skills help to create an effective presence in the market and attract customers.
Additionally, problem-solving and decision-making skills are important to help deal with the issues that may arise in a business. Finally, the ability to stay organized and prioritize tasks is necessary to ensure that all tasks are completed in a timely manner.
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Where is the main Federal Reserve Bank located?
Answers
please mark me brilliance
HELPPPPPPPP PALEASEEEE
when investors jump into an
investment because it's pop- ular to do
Answers
A market they are familiar with and comprehend. A strong leadership team. Diversification of investments Scalability. Financial projections that look promising. Consumer interest demonstrations A thorough marketing strategy. Transparency.
What do investors do during the market crash?Down markets provide an opportunity for investors to investigate an area that beginner investor may overlook: bond investing. Government bonds are often regarded as the safest investment, despite their unappealing appearance and typically low profits when compared to stocks and even other bonds.
Investing is a good way to put your money to work and perhaps increase your wealth. Smart investing can help your money outperform inflation and grow in value. The strength of compounding and the risk-return tradeoff contribute to investing's higher growth potential.
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The following are affected by the business structure you choose when you start your
business.
O a.
day-to-day operations, personal liability, and business name.
O b.
day-to-day operations, business location, and taxes.
О с.
profitability, personal liability, and taxes
O d.
day-to-day operations, personal liability, and taxes.
1
Answers
When you start business, the business structure you choose can affect your day-to-day operations, personal liability, and taxes.
What is a liability?Liability refers to the legal responsibility for one's actions or debts. It is an obligation to pay or perform something to another party. Liability can arise from various sources, such as contractual agreements, statutory laws, or common law. For instance, when a person borrows money from a bank, they have a liability to repay the loan amount to the bank within a certain period, according to the terms and conditions of the loan agreement. Liability can also arise from a person's actions or omissions that result in harm or damage to others. In such cases, the person may be held liable for the damages caused and may have to compensate the affected parties for their losses.
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To "finance" an asset is: A) To sell the asset for move then market value B) to lad money to buyers so they can improve portedias C) to raise maney in orjer to acquire the asset D) all Choices are correct Which of the following is a stakcholders of a Colforaxion. A) The stock exchange where the corporation is listed (3) Compectiters of the corporation ()) Suppliers of the Corporasion (D) The currency exchange for foreign corporations All of the following are characterisuics of ploprictorships except? A) limited life B) ease of formation () Income treated as part of the sole propistars income for tax purposes D) ease of rassing additional money for expansion
Answers
Limited life, ease of formation, and income treated as part of the sole proprietor's income for tax purposes are all characteristics of proprietorships.
To "finance" an asset is to raise money in order to acquire the asset. The correct option is C, "to raise money in order to acquire the asset."Explanation:
A corporation is an organization that is created to perform a specific function and is distinct from its owners, who are known as shareholders. The corporation has its own legal identity, which is separate from that of its owners, and it is responsible for its own debts and other financial obligations.
A stock exchange where the corporation is listed is a stakeholder of a corporation. The correct option is A, "The stock exchange where the corporation is listed."This is because the stock exchange plays a crucial role in determining the price of the corporation's shares,
which is a major factor in determining the value of the corporation's assets. Competitors of the corporation, suppliers of the corporation, and the currency exchange for foreign corporations are not considered stakeholders of a corporation.A proprietorship is a type of business organization in which a single individual owns and operates the business.
The correct option is D, "ease of raising additional money for expansion." This is because proprietorships face significant difficulties in raising additional funds for expansion,
which may limit their growth potential. Limited life, ease of formation, and income treated as part of the sole proprietor's income for tax purposes are all characteristics of proprietorships.
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The most recognizable resources that a firm uses to manufacture its products, such as the firm's plant and equipment, are categorized as _____ resources.
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Tangible resources are the most recognizable resources that a firm uses to manufacture its products, such as the firm's plant and equipment.
What are tangible resources?Tangible resources or asset is resources that have a finite monetary value and are usually a physical form. They are physical assets owned by a company that can be quantified with relative ease and are used to carry out its business .
Tangible resources include:
CashInventoryVehiclesEquipmentBuildings and investmentsHence, tangible resources are the most recognizable resources that a firm uses to manufacture its products, such as the firm's plant and equipment.
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How does the financial market impact the economy?
Answers
Financial markets help to efficiently direct the flow of savings and investment in the economy in ways that facilitate the accumulation of capital and the production of goods and services.
The needs of borrowers and lenders are met by the combination of well-established financial markets and institutions as well as a wide range of financial products and instruments, which benefits the economy as a whole.
Investors can specialize in specific industries or services, diversify their risks, or do both thanks to financial markets (like those that trade stocks or bonds), instruments (including bank CDs, futures, and derivatives), and institutions (like banks, insurance companies, mutual funds, and pension funds). Financial markets and financial institutions, collectively contribute to economic growth; nevertheless, the relative proportion of the two does not seem to be a significant determinant in growth.
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Owner must share their profits.
True or false
Answers
Answer:
True
Explanation:
Steven smith paid his ex-wife alimony of $22,000 in 2021. his marriage settlement agreement was signed on february 1, 2019. how are his alimony payments reported on his federal return?
Answers
Alimony payments are never deductible and are no longer included on the federal return.
The Internal Revenue Service (IRS) imposes a tax on the yearly income of people, businesses, trusts, and other legal organisations. This tax is known as the federal income tax in the United States. All sources of income, including wages, salaries, commissions, bonuses, gratuities, investment income, and other forms of unearned income, that are included in a taxpayer's taxable income federal return are subject to federal income taxes. Federal income tax rates for individuals are progressive in the United States, which means that they rise in proportion to an individual's taxable income. There are several income levels at which the federal income tax rates, which vary from 10% to 37%, take effect. Tax brackets are the different income levels that the rates apply to. Each tax bracket has its own rate of taxation, which is applied to income that falls inside it.
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what to read to understand intelligence and espionage
Answers
Espionage, interaction of acquiring military, political, business, or other privileged intel through spies, spies, or unlawful checking gadgets. Undercover work is now and again recognized from the more extensive classification of insight gathering by its forceful nature and its illegality.
Espionage is the demonstration of gathering delicate data using spies, covert agents, or unlawful observation methods. By its forceful person and wrongdoing, secret activities is habitually isolated from the more broad class of knowledge assortment.
Surveillance is the wrongdoing of keeping an eye on or secretly checking an individual, business, government, or other element fully intent on getting delicate data or spotting misrepresentation and giving it to another substance or state.
Enormous, unbending sheets of the cellulose expected to make wipes are conveyed to the wipe plant. The sheets are taken by the specialists and absorbed a tank of water that has been relaxed synthetically. The cellulose becomes gooey and soft. The cellulose is then stacked into a turning blender, which is a huge pivoting metal drum, by staff.
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work on a hypothetical company/firm and give it a unique name.
o The company/firm should be physically based out of Canada, though it can operate in and cater to clients/customers/consumers outside of Canada.
o It could be a small, medium, or large Business
o The Business should either create product/s or and provide services o The company's life cycle is also to be assumed by the student.
Answers
The hypothetical company/firm that fits the criteria: Name: Iceberg Innovations which is a tech company in Canada and specifically develops innovative solutions.
Iceberg Innovations is a medium-sized company based in Canada that provides a unique set of products and services. The company is primarily focused on catering to consumers in the tech industry. The company has developed innovative solutions that have transformed the tech industry, making it possible for individuals and businesses alike to optimize their daily routines. Additionally, the company has a number of unique products that are designed to simplify the lives of tech enthusiasts and professionals.
Some of these products include:
Smart Desk: A desk that can be customized to suit any working needs. The desk features an adjustable height feature, ergonomic design, and a built-in computer. The desk is perfect for tech enthusiasts who work long hours and need a comfortable and efficient workspace.
Tech Glasses: A pair of glasses that can be worn by individuals who work long hours staring at a computer screen. The glasses are designed to reduce eye strain and are perfect for individuals who spend a lot of time in front of a computer screen.
Iceberg Innovations has experienced rapid growth in recent years, thanks to its innovative products and services. The company has expanded its operations beyond Canada, and now serves clients in the United States and Europe. As the company continues to grow, it remains committed to its mission of providing innovative solutions to the tech industry.
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What makes planning and scheduling construction projects different from general planning? Explain by providing at least three reasons. Consider a project in which all project planning is performed by a group. After all planning is completed, including the program plan and schedules, a project manager is selected. Is there anything wrong with this arrangement? Can it work? Please present your argument as what problem or benefits can be encountered
Answers
Planning and scheduling construction projects require a specialized approach due to the complexity of the projects, the dynamic environment, and the need for collaboration among stakeholders.
Planning and scheduling construction projects are different from general planning in several ways:
1. Complexity: Construction projects are more complex and involve multiple disciplines, including engineering, architecture, and construction management.
The planning process needs to account for these disciplines, and scheduling needs to consider the interdependence of activities.
2. Dynamic environment: Construction projects are often performed in a dynamic environment where changes in weather, site conditions, and availability of resources can impact the schedule.
The planning process needs to account for this by creating contingencies and allowing for flexibility in the schedule.
3. Collaboration: Construction projects involve multiple stakeholders, including owners, contractors, subcontractors, and suppliers.
The planning process needs to facilitate collaboration and communication between these stakeholders to ensure the project is delivered on time, within budget, and to the required quality.
Regarding the scenario where project planning is performed by a group before a project manager is selected, there are potential benefits and problems that can arise.
One benefit is that the group can bring a diversity of perspectives and expertise to the planning process, leading to a more comprehensive and effective plan. However, there are also potential problems with this arrangement, such as:
1. Lack of accountability: Without a designated project manager, there may be confusion about who is responsible for implementing the plan and making decisions.
2. Resistance to change: If the project manager is not involved in the planning process, they may be resistant to changes in the plan, leading to delays or conflicts.
3. Communication breakdown: If the project manager is not involved in the planning process, there may be a lack of communication and understanding about the plan's objectives and requirements.
In summary, planning and scheduling construction projects require a specialized approach due to the complexity of the projects, the dynamic environment, and the need for collaboration among stakeholders.
While it is possible for a group to perform project planning before a project manager is selected, this arrangement can lead to potential problems with accountability, resistance to change, and communication breakdown.
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What is advertising??
Answers
Answer:
the activity or profession of producing advertisements for commercial products or services.
Explanation:
Answer:
the activity or profession of producing advertisements for commercial products or services.
"movie audiences are receptive to advertising"
advertisements collectively.
"despite being instructed to take the signs down, he says he has no intention of removing the advertising"
Explanation:
dvertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK.
Your new health insurance has a $4,000 deductible. What does that mean?
You'll pay the insurance company $4,000 a year to cover all of your
medical expenses.
B
Your insurance will cover up to $4,000 of your medical expenses each
year and then you'll have to cover the rest.
с
You'll need to pay $4,000 on medical expenses each year before your
insurance will kick in
Your insurance will pay up to $4,000 for each medical visit you have.
Answers
Answer:
с). You'll need to pay $4,000 on medical expenses each year before your
insurance will kick in
Explanation:
The deductible is the cash amount that a person needs to pay to the insurance company before their insurance coverage can begin. It applies mostly to medical insurance. If an insurance policy has a deductible requirement, one can not launch any claim without having paid the deductible in full. The insured pays the deductible out of pocket.
which theory posits that people choose how hard or how long to work toward something based on perceptions about whether that work will eventually result in desired rewards?
Answers
Victor Vroom's expectancy theory is one such management theory focused on motivation.
What about Victor Vroom's expectancy theory?According to Holdford and Lovelace-Elmore (2001, p. 8), Vroom asserts, "intensity of work effort depends on the perception that an individual's effort will result in a desired outcome.
Vroom's expectancy theory explains that to achieve maximum pleasure, one most device alternatives which could be a product of our "conscious choices." The theory was initiated by the famous psychologist Victor Vroom.
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how do you get into Harvard law school
Answers
when the price of good is RS4 the demand for the good is 25 units if the price increses to RS5 the demand falls to 15 units claculate the price elasticity
Answers
Original demand - New demand =
25 - 15 = 10
10/ 25 = 0.4%
Original price - New price =
4 - 5 = -1
-1/4 = -0.25%
0.4%/-0.25%
= -1.6
Price Elasticity = -1.6 %
what are some choices you have made/could make that would influence your future choices and options?
i rly need someone's help asap, thanks in advance! (not business, it's career ed. just chose the subject closest to it).
Answers
Answer:
I would have good company.
I would ensure that I have good communication skills.
I would have a mentor in my choice of career/study or life in general.
I would have a personal relationship with God.
Explanation:
In order for me to influence my future choices positively,I have to uphold certain principles or values like honesty,open mindedness and tolerance so as to achieve my goals.
why do airline suppliers, such as boeing and airbus, have so much power?
Answers
There are only two main suppliers present in an airline industry, Airbus and Boeing that has the power to control the fuel prices.
What is a price?In business and economics, price refers to the amount of money that a buyer pays to acquire a good or service. It is the exchange value of a product, and it represents the value that the buyer and seller place on the item being sold.
Price is determined by various factors, such as supply and demand, production costs, competition, and market trends. A high demand for a product, for example, can drive up its price, while increased competition can lead to lower prices.
Because the Airbus and Boeing are the two significant supplier in an airline industry and that gives them the power to control the fuel prices.
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What is the government's goal when providing a company with a subsidy?
a) the government only provides subsidies to poor people.
b) to manage the control of dangerous products entering the marketplace
c) to increase their supply
d ) to manage their supply
Answers
Answer:
c) to increase their supply
Explanation:
A subsidy is an incentive or motivation from the government to private businesses or individuals. Subsidies are usually in the form of cash, tax breaks, loans, or grants. The government gives subsidies to support production in the sector it wishes to promote.
Subsidies lower the cost of production to the business. Consequently, an entity increases its production quantities and can supply the market at lower prices. Subsidies, therefore, increase supplies in the market at friendly prices.
Sarah purchased 75 sweaters from a wholesaler for $16 each. She wants the markup percentage to be 18 percent. How much will Sarah's profit be per sweater?
Answers
What is inflation?
Movement, whether upward or downward, of economic activity
Monetary value of final goods and services produced within a country for a specific time period.
The rate at which the price level of goods and services rises.
A measurement used by economics to measures average prices of a market basket of consumer goods and services.
Answers
Monetary value of final goods and services produced within a country for a specific time period.
QUESTION 23 The closer the aggregate supply curve is to being horizontal, the
a). a greater the resulting change in Real GDP for a given change in autonomous spending b). smaller the multiplier c). larger the multiplier. d). smaller the resulting change in Real GDP for a given change in autonomous spending
Answers
The correct answer to this question is d). smaller the resulting change in Real GDP for a given change in autonomous spending. When the aggregate supply curve is more elastic (closer to being horizontal), it means that the economy is close to operating at its full potential.
In this case, if there is a change in autonomous spending (government spending, consumption, or investment), there will be a relatively small change in the equilibrium level of Real GDP.The multiplier effect is the concept that an initial change in autonomous spending will cause a more significant change in Real GDP. The multiplier effect is equal to 1 / (1 - MPC), where MPC is the marginal propensity to consume. The closer the aggregate supply curve is to being horizontal, the smaller the multiplier because the change in autonomous spending will have less of an impact on Real GDP.
In summary, if the aggregate supply curve is more elastic, there will be a smaller resulting change in Real GDP for a given change in autonomous spending.
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