{"id":2560,"date":"2015-07-10T05:41:15","date_gmt":"2015-07-10T05:41:15","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterymacro1xngcxmaster\/?post_type=chapter&#038;p=2560"},"modified":"2018-04-26T21:09:27","modified_gmt":"2018-04-26T21:09:27","slug":"equilibrium-in-the-income-expenditure-model","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/oldwestbury-wm-macroeconomics\/chapter\/equilibrium-in-the-income-expenditure-model\/","title":{"raw":"Equilibrium in the Income-Expenditure Model","rendered":"Equilibrium in the Income-Expenditure Model"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Objectives<\/h3>\r\n<ul>\r\n \t<li>Explain macro equilibrium using the income-expenditure model<\/li>\r\n \t<li>Identify macro equilibrium graphically and using tables<\/li>\r\n<\/ul>\r\n<\/div>\r\n<section id=\"fs-idm190331616\">In the AD-AS model, we identified the macro equilibrium at the level of GDP where AD=AS. We now have the tools to identify macro equilibrium in the income-expenditure model.\u00a0Macro equilibrium occurs at the level of GDP where national income equals aggregate expenditure. Let's find the macro equilibrium in the graphical model.\r\n<h2><strong>The Aggregate Expenditure Function<\/strong><\/h2>\r\n<\/section><section><\/section><section><\/section>Figure 1 shows the aggregate expenditure function, based on data in Table 1. As we showed in the last section, aggregate expenditure is the sum of consumption expenditure, investment expenditure, government expenditure and net export expenditure.\r\n<table id=\"Table_E_03\" summary=\"The table shows the data for national income-aggregate expenditure equilibrium. Column 1 lists National Income. Column 2 lists After-Tax Income. Column 3 lists Consumption. Column 4 lists Government Spending + Investment + Exports. Column 5 lists Imports. Column 6 lists Aggregate Expenditure. Row 1: $3,000; $2,100; $2,280; $2,640; $300; $4,620. Row 2: $4,000; $2,800; $2,840; $2,640; $400; $5,080. Row 3: $5,000; $3,500; $3,400; $2,640; $500; $5,540. Row 4: $6,000; $4,200; $3,960; $2,640; $600; $6,000. Row 5: $7,000; $4,900; $4,520; $2,640; $700; $6,460. Row 6: $8,000; $5,600; $5,080; $2,640; $800; $6,920. Row 7: $9,000; $6,300; $5,640; $2,640; $900; $7,380.\"><caption>Table 1. National Income-Aggregate Expenditure Equilibrium<\/caption>\r\n<thead>\r\n<tr>\r\n<th>National Income<\/th>\r\n<th><\/th>\r\n<th><\/th>\r\n<th><\/th>\r\n<th><\/th>\r\n<th>Aggregate Expenditure<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td>$3,000<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td>$4,620<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>$4,000<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td>$5,080<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>$5,000<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td>$5,540<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>$6,000<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td>$6,000<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>$7,000<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td>$6,460<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>$8,000<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td>$6,920<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>$9,000<\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td><\/td>\r\n<td>$7,380<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<div>\r\n\r\n[caption id=\"attachment_10328\" align=\"aligncenter\" width=\"546\"]<a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2015\/07\/26210745\/Screen-Shot-2018-04-26-at-4.07.40-PM.png\"><img class=\"wp-image-10328\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2015\/07\/26210745\/Screen-Shot-2018-04-26-at-4.07.40-PM.png\" alt=\"The graph shows a Keynesian cross diagram with each combination of national income and aggregate expenditure.\" width=\"546\" height=\"390\" \/><\/a> <strong>Figure 1. A Keynesian Cross Diagram.<\/strong>\u00a0The combination of the aggregate expenditure line and the income=expenditure line is the Keynesian Cross, that is, the graphical representation of the income-expenditure model.\u00a0The equilibrium occurs where aggregate expenditure is equal to national income; this occurs where the aggregate expenditure schedule crosses the 45-degree line, at a real GDP of $6,000.[\/caption]\r\n\r\n<\/div>\r\n<h2>The Income = Expenditure Line<\/h2>\r\n<p id=\"fs-idp9040\">Figure 1 contains two lines that serve as conceptual guideposts to orient the discussion. The first is the aggregate expenditure line that we've already discussed.\u00a0The second conceptual line on the Keynesian cross diagram is the line showing where national income = aggregate expenditure.\u00a0 his line is mathematically\u00a0the 45-degree line, which starts at the origin and reaches up and to the right. A line that stretches up at a 45-degree angle represents the set of points (1,1), (2,2), (3,3) and so on, where the measurement on the vertical axis is equal to the measurement on the horizontal axis. Thus in this diagram, the 45-degree line shows the set of points where the level of aggregate expenditure in the economy, measured on the vertical axis, is equal to the level of output or national income in the economy, measured by GDP on the horizontal axis. In short, this is our equilibrium condition. The combination of the aggregate expenditure line and the income=expenditure line (i.e. the 45 degree line) <em>is<\/em> the Keynesian Cross.<\/p>\r\n\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/7571\r\n\r\n<\/div>\r\n<h2 id=\"fs-idp53266064\"><strong>Where Equilibrium Occurs<\/strong><\/h2>\r\n<p id=\"fs-idp67324256\">Macro equilibrium occurs at the level of GDP where\u00a0where the aggregate expenditure line crosses the 45-degree line (which shows all points where AE = Y). It is the only point on the aggregate expenditure line where the total quantity of goods and services being purchased (AD) equals the total quantity of goods and services being produced (AS). In Figure 1, this point of equilibrium (E<sub>0<\/sub>) happens at 6,000, which can also be read off\u00a0Table 1.<\/p>\r\n<p id=\"fs-idp18136272\">The meaning of \u201cequilibrium\u201d remains the same; that is, <span class=\"no-emphasis\">equilibrium<\/span> is a point of balance where no incentive exists to shift away from that outcome. To understand why the point of intersection between the aggregate expenditure function and the 45-degree line is a macroeconomic equilibrium, consider what would happen if an economy found itself to the right of the equilibrium point E, say point H in\u00a0Figure 2, where output is higher than the equilibrium. At point H, the level of aggregate expenditure is below the 45-degree line, so that the level of aggregate expenditure in the economy is less than the level of output. As a result, at point H, output is piling up unsold\u2014not a sustainable state of affairs.\u00a0Firms will respond by decreasing their level of production and GDP will fall.<\/p>\r\n\r\n\r\n[caption id=\"attachment_4595\" align=\"aligncenter\" width=\"390\"]<img class=\"size-full wp-image-4595\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1294\/2016\/07\/11221900\/25_019.jpg\" alt=\"The graph shows the only point at which there can be equilibrium in the Keynesian cross diagram.\" width=\"390\" height=\"312\" \/> <strong>Figure 2. Equilibrium in the Keynesian Cross Diagram.<\/strong> If output was above the equilibrium level, at H, then the real output is greater than the aggregate expenditure in the economy. If output was below the equilibrium level at L, then aggregate expenditure would be greater than output. Only point E can be at equilibrium, where output, or national income and aggregate expenditure, are equal. The equilibrium (E) must lie on the 45-degree line, which is the set of points where national income and aggregate expenditure are equal.[\/caption]\r\n<p id=\"fs-idp46315200\">Conversely, consider the situation where the level of output is at point L\u2014where real output is lower than the equilibrium. In that case, the level of aggregate demand in the economy is above the 45-degree line, indicating that the level of aggregate expenditure in the economy is greater than the level of output. When the level of aggregate demand has emptied the store shelves, it cannot be sustained, either. Firms will respond by increasing their level of production and GDP will rise. Thus, the equilibrium must be the point where the amount produced and the amount spent are in balance, at the intersection of the aggregate expenditure function and the 45-degree line.<\/p>\r\n\r\n<div class=\"textbox tryit\">\r\n<h3>Try It<\/h3>\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/7572\r\n\r\n<\/div>\r\n<section id=\"fs-idm65474512\">\r\n<div class=\"textbox learning-objectives\">\r\n<h3>Glossary<\/h3>\r\n[glossary-page][glossary-term]Aggregate Expenditure Function:[\/glossary-term][glossary-definition]graphical relationship between national income and\u00a0aggregate expenditure, which is defined as consumption plus investment plus government spending plus net exports[\/glossary-definition][glossary-term]Aggregate Expenditure Schedule:[\/glossary-term][glossary-definition]aggregate expenditure function expressed as a table[\/glossary-definition][glossary-term]Consumption Function:[\/glossary-term][glossary-definition]graphical relationship between national income and consumption expenditure; algebraically: C = a + MPC*Y, where a is autonomous consumption (the amount of consumption expenditure when Y = 0), MPC is the marginal propensity to consume, and Y is national income[\/glossary-definition][glossary-term]Income = Expenditure Line:[\/glossary-term]\r\n[glossary-definition]all combinations of national income and aggregate expenditure where national income equals aggregate expenditure; graphically, this is the 45 degree line on the Keynesian Cross diagram (or income-expenditure model)[\/glossary-definition][glossary-term]Marginal Propensity to Consume:[\/glossary-term][glossary-definition]fraction of any change in income which is spent; algebraically MPC =\u00a0\u0394C\/\u0394Y[\/glossary-definition][glossary-term]Marginal Propensity to Save:[\/glossary-term][glossary-definition]fraction of any change in income which is saved; algebraically MPS =\u00a0\u0394S\/\u0394Y[\/glossary-definition]\r\n[\/glossary-page]\r\n\r\n<\/div>\r\n<\/section>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Objectives<\/h3>\n<ul>\n<li>Explain macro equilibrium using the income-expenditure model<\/li>\n<li>Identify macro equilibrium graphically and using tables<\/li>\n<\/ul>\n<\/div>\n<section id=\"fs-idm190331616\">In the AD-AS model, we identified the macro equilibrium at the level of GDP where AD=AS. We now have the tools to identify macro equilibrium in the income-expenditure model.\u00a0Macro equilibrium occurs at the level of GDP where national income equals aggregate expenditure. Let&#8217;s find the macro equilibrium in the graphical model.<\/p>\n<h2><strong>The Aggregate Expenditure Function<\/strong><\/h2>\n<\/section>\n<section><\/section>\n<section><\/section>\n<p>Figure 1 shows the aggregate expenditure function, based on data in Table 1. As we showed in the last section, aggregate expenditure is the sum of consumption expenditure, investment expenditure, government expenditure and net export expenditure.<\/p>\n<table id=\"Table_E_03\" summary=\"The table shows the data for national income-aggregate expenditure equilibrium. Column 1 lists National Income. Column 2 lists After-Tax Income. Column 3 lists Consumption. Column 4 lists Government Spending + Investment + Exports. Column 5 lists Imports. Column 6 lists Aggregate Expenditure. Row 1: $3,000; $2,100; $2,280; $2,640; $300; $4,620. Row 2: $4,000; $2,800; $2,840; $2,640; $400; $5,080. Row 3: $5,000; $3,500; $3,400; $2,640; $500; $5,540. Row 4: $6,000; $4,200; $3,960; $2,640; $600; $6,000. Row 5: $7,000; $4,900; $4,520; $2,640; $700; $6,460. Row 6: $8,000; $5,600; $5,080; $2,640; $800; $6,920. Row 7: $9,000; $6,300; $5,640; $2,640; $900; $7,380.\">\n<caption>Table 1. National Income-Aggregate Expenditure Equilibrium<\/caption>\n<thead>\n<tr>\n<th>National Income<\/th>\n<th><\/th>\n<th><\/th>\n<th><\/th>\n<th><\/th>\n<th>Aggregate Expenditure<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>$3,000<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>$4,620<\/td>\n<\/tr>\n<tr>\n<td>$4,000<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>$5,080<\/td>\n<\/tr>\n<tr>\n<td>$5,000<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>$5,540<\/td>\n<\/tr>\n<tr>\n<td>$6,000<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>$6,000<\/td>\n<\/tr>\n<tr>\n<td>$7,000<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>$6,460<\/td>\n<\/tr>\n<tr>\n<td>$8,000<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>$6,920<\/td>\n<\/tr>\n<tr>\n<td>$9,000<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td>$7,380<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div>\n<div id=\"attachment_10328\" style=\"width: 556px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2015\/07\/26210745\/Screen-Shot-2018-04-26-at-4.07.40-PM.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-10328\" class=\"wp-image-10328\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2043\/2015\/07\/26210745\/Screen-Shot-2018-04-26-at-4.07.40-PM.png\" alt=\"The graph shows a Keynesian cross diagram with each combination of national income and aggregate expenditure.\" width=\"546\" height=\"390\" \/><\/a><\/p>\n<p id=\"caption-attachment-10328\" class=\"wp-caption-text\"><strong>Figure 1. A Keynesian Cross Diagram.<\/strong>\u00a0The combination of the aggregate expenditure line and the income=expenditure line is the Keynesian Cross, that is, the graphical representation of the income-expenditure model.\u00a0The equilibrium occurs where aggregate expenditure is equal to national income; this occurs where the aggregate expenditure schedule crosses the 45-degree line, at a real GDP of $6,000.<\/p>\n<\/div>\n<\/div>\n<h2>The Income = Expenditure Line<\/h2>\n<p id=\"fs-idp9040\">Figure 1 contains two lines that serve as conceptual guideposts to orient the discussion. The first is the aggregate expenditure line that we&#8217;ve already discussed.\u00a0The second conceptual line on the Keynesian cross diagram is the line showing where national income = aggregate expenditure.\u00a0 his line is mathematically\u00a0the 45-degree line, which starts at the origin and reaches up and to the right. A line that stretches up at a 45-degree angle represents the set of points (1,1), (2,2), (3,3) and so on, where the measurement on the vertical axis is equal to the measurement on the horizontal axis. Thus in this diagram, the 45-degree line shows the set of points where the level of aggregate expenditure in the economy, measured on the vertical axis, is equal to the level of output or national income in the economy, measured by GDP on the horizontal axis. In short, this is our equilibrium condition. The combination of the aggregate expenditure line and the income=expenditure line (i.e. the 45 degree line) <em>is<\/em> the Keynesian Cross.<\/p>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"lumen_assessment_7571\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=7571&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_7571\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<h2 id=\"fs-idp53266064\"><strong>Where Equilibrium Occurs<\/strong><\/h2>\n<p id=\"fs-idp67324256\">Macro equilibrium occurs at the level of GDP where\u00a0where the aggregate expenditure line crosses the 45-degree line (which shows all points where AE = Y). It is the only point on the aggregate expenditure line where the total quantity of goods and services being purchased (AD) equals the total quantity of goods and services being produced (AS). In Figure 1, this point of equilibrium (E<sub>0<\/sub>) happens at 6,000, which can also be read off\u00a0Table 1.<\/p>\n<p id=\"fs-idp18136272\">The meaning of \u201cequilibrium\u201d remains the same; that is, <span class=\"no-emphasis\">equilibrium<\/span> is a point of balance where no incentive exists to shift away from that outcome. To understand why the point of intersection between the aggregate expenditure function and the 45-degree line is a macroeconomic equilibrium, consider what would happen if an economy found itself to the right of the equilibrium point E, say point H in\u00a0Figure 2, where output is higher than the equilibrium. At point H, the level of aggregate expenditure is below the 45-degree line, so that the level of aggregate expenditure in the economy is less than the level of output. As a result, at point H, output is piling up unsold\u2014not a sustainable state of affairs.\u00a0Firms will respond by decreasing their level of production and GDP will fall.<\/p>\n<div id=\"attachment_4595\" style=\"width: 400px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-4595\" class=\"size-full wp-image-4595\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images-archive-read-only\/wp-content\/uploads\/sites\/1294\/2016\/07\/11221900\/25_019.jpg\" alt=\"The graph shows the only point at which there can be equilibrium in the Keynesian cross diagram.\" width=\"390\" height=\"312\" \/><\/p>\n<p id=\"caption-attachment-4595\" class=\"wp-caption-text\"><strong>Figure 2. Equilibrium in the Keynesian Cross Diagram.<\/strong> If output was above the equilibrium level, at H, then the real output is greater than the aggregate expenditure in the economy. If output was below the equilibrium level at L, then aggregate expenditure would be greater than output. Only point E can be at equilibrium, where output, or national income and aggregate expenditure, are equal. The equilibrium (E) must lie on the 45-degree line, which is the set of points where national income and aggregate expenditure are equal.<\/p>\n<\/div>\n<p id=\"fs-idp46315200\">Conversely, consider the situation where the level of output is at point L\u2014where real output is lower than the equilibrium. In that case, the level of aggregate demand in the economy is above the 45-degree line, indicating that the level of aggregate expenditure in the economy is greater than the level of output. When the level of aggregate demand has emptied the store shelves, it cannot be sustained, either. Firms will respond by increasing their level of production and GDP will rise. Thus, the equilibrium must be the point where the amount produced and the amount spent are in balance, at the intersection of the aggregate expenditure function and the 45-degree line.<\/p>\n<div class=\"textbox tryit\">\n<h3>Try It<\/h3>\n<p>\t<iframe id=\"lumen_assessment_7572\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=7572&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_7572\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n<section id=\"fs-idm65474512\">\n<div class=\"textbox learning-objectives\">\n<h3>Glossary<\/h3>\n<div class=\"titlepage\">\n<dl>\n<dt>Aggregate Expenditure Function:<\/dt>\n<dd>graphical relationship between national income and\u00a0aggregate expenditure, which is defined as consumption plus investment plus government spending plus net exports<\/dd>\n<dt>Aggregate Expenditure Schedule:<\/dt>\n<dd>aggregate expenditure function expressed as a table<\/dd>\n<dt>Consumption Function:<\/dt>\n<dd>graphical relationship between national income and consumption expenditure; algebraically: C = a + MPC*Y, where a is autonomous consumption (the amount of consumption expenditure when Y = 0), MPC is the marginal propensity to consume, and Y is national income<\/dd>\n<dt>Income = Expenditure Line:<\/dt>\n<dd>all combinations of national income and aggregate expenditure where national income equals aggregate expenditure; graphically, this is the 45 degree line on the Keynesian Cross diagram (or income-expenditure model)<\/dd>\n<dt>Marginal Propensity to Consume:<\/dt>\n<dd>fraction of any change in income which is spent; algebraically MPC =\u00a0\u0394C\/\u0394Y<\/dd>\n<dt>Marginal Propensity to Save:<\/dt>\n<dd>fraction of any change in income which is saved; algebraically MPS =\u00a0\u0394S\/\u0394Y<\/dd>\n<\/dl>\n<\/div>\n<\/div>\n<\/section>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-2560\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Appendix B. <strong>Authored by<\/strong>: OpenStax College. <strong>Provided by<\/strong>: Rice University. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"http:\/\/cnx.org\/contents\/4061c832-098e-4b3c-a1d9-7eb593a2cb31@10.49:2\/Macroeconomics\">http:\/\/cnx.org\/contents\/4061c832-098e-4b3c-a1d9-7eb593a2cb31@10.49:2\/Macroeconomics<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em>. <strong>License Terms<\/strong>: Download for free at http:\/\/cnx.org\/donate\/download\/4061c832-098e-4b3c-a1d9-7eb593a2cb31@10.49\/pdf<\/li><li>Modification, adaptation, and original content. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":1317,"menu_order":7,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Appendix B\",\"author\":\"OpenStax College\",\"organization\":\"Rice University\",\"url\":\"http:\/\/cnx.org\/contents\/4061c832-098e-4b3c-a1d9-7eb593a2cb31@10.49:2\/Macroeconomics\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"Download for free at http:\/\/cnx.org\/donate\/download\/4061c832-098e-4b3c-a1d9-7eb593a2cb31@10.49\/pdf\"},{\"type\":\"cc\",\"description\":\"Modification, adaptation, and original content\",\"author\":\"\",\"organization\":\"Lumen 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