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Then, the CRS will hold for nominal quantities of inputs and outputs, namely, x i and y.
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According to the quantity theory of money, what ultimately matters to holders of money is the real rather than the nominal quantity of money.
A government or its central bank determines the nominal quantity of money that circulates and is held, but the public determines money's real value.
If this is so, then no matter what factors may determine the nominal quantity of money it is the holders of money who determine the real quantity and, in the process, also determine the price level.
The nominal quantity of input commodity i is x i, and the quality measure (i.e., the MRS of the input commodity with respect to the standard) is λ i.
3. Nominal quantities for pre-packed products (vote) - Recommendation: Toubon.
So, the unit cost of producing a nominal quantity, ρ, can be expressed using some strictly concave function of benchmark factor prices, p. That is, begin{array}{*{20}l} rho = frac{lambda}{z} hleft(mathbf{p}; boldsymbol{lambda} right).
Add a nominal amount of kosher salt.
We denote the effective output in units of standard commodity by λ y, where y denotes the nominal output quantities, and λ denotes the quality measure, i.e., the MRS of the output commodity with respect to the standard commodity.
Buying mass quantities of gold?
And what of quantities of wine?
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