Determination of All the Endogenous Variables in the AD-As Model Assignment Help Is Here at Your Reach

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What is AD-AS model?

Based on the theory of John Maynard Keynes, the AD–AS stands for Aggregate Demand–Aggregate Supply. It explains about price level and output with the help of the relationship of aggregate demand and aggregate supply.

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• The AD-AS model exemplifies the Keynesian model of the business cycle.
• The two graphs of the AD-AS model calculate the effects of various exogenous events on GDP and price level.
• The AD–AS model has certain similarities with the Phillips curve model of wage or price inflation and unemployment.

Now that we know about the AD-AS model, let us learn about determination of all the endogenous variables in the AD-AS model.

Determination of all the endogenous variables in the AD-AS model:

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Determination of all the endogenous variables in the AD-AS model need one more equilibrium condition so that we can successfully identify a unique point on the AD curve as the unique equilibrium point. This condition will come from the production side and the labor market.

In the AD-AS model, P stands for price and Y stands for real GDP.There is an equilibrium between the price and the GDP when the value of aggregate supply is equal to the aggregate demand in the model.There is only one point where both P and Y are in equilibrium and show the same behavior towards the firms taken into consideration. The price corresponding to this point is known as the equilibrium price level and the GDP level corresponding to this point is known as GDP’s equilibrium quantity.

Once P and Y have been determined, determination of all the endogenous variables in the AD-AS model will become easy. The interest rate is found by money market diagram and the components of GDP depend on Y. W is constant and since P is determined, so is the real wage. The unemployment rate is determined as well.

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