drive the Two alternative conditions of Expresing national income equilibrium show this equilibrium condition as a single diagram
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The equilibrium level of the national income is defined as that point where the aggregate supply and the aggregate demand are equal to each other
Most simply, the formula for the equilibrium level of income is when aggregate supply (AS) is equal to aggregate demand (AD), where AS = AD. Adding a little complexity, the formula becomes Y = C + I + G, where Y is aggregate income, C is consumption, I is investment expenditure, and G is government expenditure.Oct 23, 2016
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