pavement with new asphalt and aggregates. In some circumstances, a recycling agent is also introduced into the mix to improve the performance of the recycled asphalt by softening and rejuvenating its mechanical properties. Benefits of Recycling Recycling of asphalt pavement can save money for local governments and other purchasers, create additional business opportunities, save energy when recycling is done on site, conserve diminishing resources of aggregates and petroleum
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Learning Team Reflection: Production and Cost Analysis Heather Bosack, Iris Cost, Joey Piester, Jennifer Stephenson, and Girlean Taylor ECO/365 February 11, 2013 Jeffrey Lesson Learning Team Reflection: Production and Cost Analysis For our team there were many different experiences that were share in reference to the objectives for this week. Girlean explained that she understood that productivity is the amount of goods and services being produced and that the cost of production is the expenses
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assumptions cause the intermediate-short-run aggregate supply curve to be horizontal? The assumptions are that prices are flexible and wages are fixed. Why is the long-run aggregate supply curve vertical? The AS curve is vertical at the full-employment level of real GDP. Also, because wages and other input prices rise and fall in order to be in line with price changes. Explain the shape of the short-run aggregate supply curve. The unsloping aggregate supply curve AS indicates a positive relationship
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increase in aggregate demand can cause inflation, however there can also be other factors that can cause inflation. The term aggregate demand is that total planed expenditure in the economy. Known by the identity C+I+G+(X-m). In macroeconomics there are 2 types of inflation, demand-pull inflation and cost-push inflation. The demand-pull inflation is caused by an increase in total spending (aggregate demand), the economy is producing beyond the economy’s ability. The aggregate demand in an economy
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level x 100 Last year's price level 2. Demand-Pull inflation - Demand pull inflation is caused by an increase in aggregate demand. - An increase in consumption or investment or government expenditures or exports or the quantity of money → increases the aggregate demand. - A decrease in imports or taxes or interest rates → increases the aggregate demand Initial effect of an increase in aggregate demand: Price level LAS
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CHAPTER 13 AGGREGATE PLANNING The planning Process [pic] Aggregate Planning • Combines appropriate resources into general terms • Part of a larger production planning system • Disaggregation breaks the plan down into greater detail • Disaggregation results in a master production schedule Aggregate planning Strategies 1. Use inventories to absorb changes in demand 2. Accommodate changes by varying workforce size 3. Use part-timers, overtime, or idle time
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curves. The curve describing the supply side of the aggregate economy in the short run is the short-run aggregate supply ( SAS ) curve, the curve describing the demand side of the economy is the aggregate demand curve, and the curve describing the highest sustainable level of output is the long-run aggregate supply ( LAS ) curve. The first thing to note about the AS/AD model is that it is fundamentally different from the microeconomic supply/demand model. In microeconomics the price of a single
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level and the quantity of aggregate supply c. If the U.S. price level decreases, net exports will decline 4. Indicate what each of the variables in the following equation represents. Y = C + G + I = X 5. If the price level and the level of real GDP both increase, would it be more likely that the aggregate the supply curve or the aggregate demand curve shifted? Would this shift represent an increase or a decrease? 6. In terms of aggregate demand and aggregate supply, what does the graph
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Problems on Aggregate Production Planning 1. Planners of a company have obtained information regarding the forecasted demand of a product as follows: Period 1 2 3 4 5 6 Total Forecast 200 200 300 400 500 200 1800 Costs Regular time: $2/unit Overtime: $3/unit Subcontract: $6/unit Inventory: $1/unit Backorder: $5/unit They now want to evaluate a plan that calls for a steady rate of regular-time output, mainly using inventory to absorb the uneven demand but allowing some backlog. Overtime
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would remain constant | ANS: A 5) Which of the following is not included in aggregate demand? a. | purchases of stock and bonds | b. | purchases of services such as visits to the doctor | c. | purchases of capital goods such as equipment in a factory | d. | purchases by foreigners of consumer goods produced in the United States | ANS: A 6) Which of the following helps explain why the aggregate demand
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