ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Suppose that a new free trade agreement allows the economy to import cheaper goods from overseas, thereby decreasing the general price level.
Adjust the following graph by either shifting the consumption function curve or the initial point on the consumption function curve (A) to illustrate the impact of a fall in the price level.
 
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Consumption Function
Consumption Function
A
REAL DISPOSABLE INCOME (Billions of dollars)
REAL CONSUMER SPENDING (Billions of dollars)
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Transcribed Image Text:(? Consumption Function Consumption Function A REAL DISPOSABLE INCOME (Billions of dollars) REAL CONSUMER SPENDING (Billions of dollars)
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