how equilibrim level of income is determined
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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.
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Answer:
Most simply, the formula for the equilibrium level of income is when aggregate suppy (AS) is equal to aggregate demand (AD), where AS=DS.
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