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In economics what is the equation of exchange and what is its relationship withthe quantity theory of money?
Seffiansafe
MV=PT M is the money stock V is velocity of circulation P= average price of trasaction T= number of transaction It is defined as the value of money spent is equal to the value of goods and services sold. And its relationship with the quantityntherory of money, the MV=PT , provides a basis for the quantity theory of money
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Is the relationship between the inflation rate and changes in the quantity of money macro or micro economics?
macro
What is demand equation?
The demand equation refers to the mathematical expression of the relationship between the quantity demanded and price. The quantity that is demanded is usually denoted by letter Q while the function of the price is usually denoted by letter P.
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
What is TP in economics?
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
Economics what is the arc elastic?
measure of the average responsiveness of quantity to price over an interval of the demand curve. = change in quantity/ Quantity ___________________________ change in price/ Price
Is the relationship between the inflation rate and changes in the quantity of money macro or micro economics?
macro
What is a demand equation?
The demand equation refers to the mathematical expression of the relationship between the quantity demanded and price. The quantity that is demanded is usually denoted by letter Q while the function of the price is usually denoted by letter P.
What is demand equation?
The demand equation refers to the mathematical expression of the relationship between the quantity demanded and price. The quantity that is demanded is usually denoted by letter Q while the function of the price is usually denoted by letter P.
What is the term used for a quantity which when substituted for the unknown quantity in an equation satisfies the equation?
It is the solution to the equation or a root of the equation.
What are the different types of demand in economics?
what is demand curve is a graphic representation of the relationship between product price and the quantity of the product demanded. It is drawn with price on the vertical axis of the graph and quantity demanded on the horizontal axis
What is are the differences between Friedman's quantity theory of money and that of Irving fisher's?
Friedman's quantity theory of money focuses on long-run changes in money supply and its relationship with nominal income. Fisher's quantity theory expands on this to account for both short-run and long-run changes in money supply and velocity of money. Fisher also incorporates the concept of the equation of exchange to explain the relationship between money supply, velocity, price level, and real income.
How do we use variables in the real wold?
Use variables to represent two quantities in a real-world problem that change in relationship to one another; write an equation to express one quantity, thought of as the dependent variable, in terms of the other quantity, thought of as the independent variable. Analyze the relationship between the dependent and independent variables using graphs and tables, and relate these to the equation.
Can you apply now for economics?
the higher the quantity the lower the suppy
What is TP in economics?
The abbreviation for total product, which is the total quantity of output produced by a firm for a given quantity of inputs.
What is the relationship between two quantities in which the ratio of one quantity to the other quantity is constant?
A linear relationship
When does the nonlinear equation becomes linear equation?
A linear equation is defined as an equation that contains only the first power of the unknown quantity. For example, 5x - 3 = 7 where "x" is the unknown quantity is a linear equation. If an equation contains an unknown quantity having a higher power than 1, then the equation ceases to be a linear equation. For example, 3x2 + 5x + 7 = 0 is a non linear equation known as a quadratic equation, because the unknown quantity "x" has a power of 2. Similarly, equations containing unknowns with higher powers such as x3, x7, x12 are all non linear equations.
Economics what is the arc elastic?
measure of the average responsiveness of quantity to price over an interval of the demand curve. = change in quantity/ Quantity ___________________________ change in price/ Price
