Q11. The econonmy of Elmendyn contains 2,000 RM1 bills. a) If people hold all money as currency, what is the quantity of money? b) If people hold all money as current account deposits and banks maintain 100 percent reserves, what is the quantity of money? c) If people hold equal amounts of currency and curret account deposits and banks maintain 100 percent reserves, what is the quantity of money?

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.