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प्रश्न
Define or Explain the following concept:
Aggregate Supply
Explain the term aggregate supply function.
Explain aggregate supply.
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उत्तर १
Aggregate supply refers to the aggregate production planned by all the producers during an accounting year. In other words, aggregate supply indicates the total amount of goods and services produced within an economy at a given general (or overall) price level during an accounting period. The aggregate supply function is represented as follows.
`"AS" = f (barN, barL, barK, barT)`
where,
AS = Aggregate supply
N = Natural resources
L = Labour
K = Stock of capital
T = State of technology
उत्तर २
The Aggregate Supply Function (ASF) is a schedule that presents the different amounts of income that all entrepreneurs in an economy need to obtain from selling output at different levels of employment.
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