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The base effect is a mathematical effect that originates from the fact that a given percentage of a reference value, is not the same as the absolute difference of the same given percentage of a much larger or smaller reference value. [1] E.g. 1% of a GDP of US$1 million is not equal to 1% of GDP of US$1 billion in terms of absolute difference. [2]
In the textbook story, favored by the followers of Léon Walras, if the quantity demanded does not equal the quantity supplied in a market, "price adjustment" is the rule: if there is a market surplus or glut (excess supply), prices fall, ending the glut, while a shortage (excess demand) causes price to rise.
A percentage change is a way to express a change in a variable. It represents the relative change between the old value and the new one. [6]For example, if a house is worth $100,000 today and the year after its value goes up to $110,000, the percentage change of its value can be expressed as = = %.
The graph depicts an increase (that is, right-shift) in demand from D 1 to D 2 along with the consequent increase in price and quantity required to reach a new equilibrium point on the supply curve (S). A common and specific example is the supply-and-demand graph shown at right.
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A percentage point or percent point is the unit for the arithmetic difference between two percentages.For example, moving up from 40 percent to 44 percent is an increase of 4 percentage points (although it is a 10-percent increase in the quantity being measured, if the total amount remains the same). [1]