Solved: Describe the keynesian cross diagram and explain its use, Microeconomics

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Describe the keynesian cross diagram and explain its use

Discussion:

Instructions

1. Explain this equation: Y = Yad = C + I + G + NX.

2. Provide the equation for C and explain its importance.

3. Describe the Keynesian cross diagram and explain its use.

4. Describe the investment-savings (IS) curve and its characteristics.

5. Describe the liquidity preference-money (LM) curve and its characteristics.

6. Explain why equilibrium is achieved in the markets for goods and money.

7. Explain the IS-LM model's biggest drawback.

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Microeconomics: Describe the keynesian cross diagram and explain its use

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