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Endogenous vs. Exogenous variables. Endogenous variable is a variable this is identified in the workings of the version. Additionally termed a structured variable, an endogenous variable is in essence the “output” of the model. Exogenous variable is a variable that is identified out of doors the workings of the version. Also termed an impartial variable, an exogenous variable is in essence the “input” of the version. eco403 midterm solved papers by moaaz,
The values of endogenous variables are determined inside the version while the values of exogenous variables are decided outdoor the model. In the version of deliver & call for for vehicles: endogenous variables are: p, qd, qs. Exogenous variables are: y, playstation . Macroeconomists attempt to tackle specific macroeconomic issues through multitude of fashions. eco403 solved midterm past papers,
Expenses – flexible versus sticky. Bendy fees mean that charges alter in the long run in reaction to market shortages or surpluses. This condition is most important for lengthy-run macroeconomic hobby and long-run combination marketplace evaluation. Particularly, flexible costs are the key cause for the vertical slope of the long-run aggregate deliver curve.
This proposition is also crucial to unique classical theory of macroeconomics and to fashionable variations, inclusive of rational expectations, new classical concept, and supply-side economics. Sticky costs suggest that a few costs regulate slowly in reaction to marketplace shortages or surpluses.
This situation is most crucial for macroeconomic activity within the short run and quick-run mixture market analysis. Particularly, sticky (additionally termed inflexible or inflexible) prices are a key cause underlying the tremendous slope of the quick-run aggregate supply curve. Charges tend to be the most sticky in resource markets, particularly hard work markets, and the least sticky in financial markets, with product markets falling someplace in among. eco403 midterm solved subjective papers by moaaz,
Market clearing is an assumption that fees are flexible and modify to equate deliver and demand. Inside the brief run, many expenses are sticky i.E.; they modify handiest sluggishly in response to deliver/demand imbalances.