Question

4. Using proper diagrams, explain the determination of national income in the short run and
long run. ​

Answer 1

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Explanation:

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Answer 2

Explanation:

Determination of national income is related to the balance between the levels of purchasing and production plans of the country.

Now in terms of short run of national income, it is calculated by taking the average of demand and average supply. This supply of goods is proportional to production capability but in short run, major contributor is the demand factor