The bill includes $130 billion to allow for a return to full-time, in-person teaching at K-12 schools.assistance to small busines, landlords and renters: 30 BillionObomacare Expansion: 34.2 Billion Child Tax Credit Boost: 110 BillionVaccine Distribution: 160 Billionschool credit: 1 Billion Coronavirus Preparedness and response supplemental appropriation act: 8.3 Billion Families first coronavirus reposne act 225 billion paycheck protection program: 483 Billion Consolidated appropriations act: 920 BillionSo we just had one of biggest (if not THE biggest) actions of Fiscal Policy. Now using the Agg Model, you will explain what is happening now...First, prepare a graphic representation off the economy before the Biden Covid Bill. In the space below, insert the names for X and Y axis, graph LRAS and SRAS and AD line, and identify/label equilibrium. Be sure to identity whether the economy is at equilibrium, in expansion or in recession. **Discussion on Fiscal Policy and Economic Modeling**Recently, one of the most significant actions in fiscal policy has taken place. By utilizing the Aggregate Demand and Supply (Agg) Model, we can explore and explain the current economic situation.**11. Modeling Economic Conditions Pre-Biden Covid Bill**First, prepare a graphic representation of the economy before the Biden Covid Bill. Use the space provided below to:- Name the X and Y axes.- Graph the Long-Run Aggregate Supply (LRAS), Short-Run Aggregate Supply (SRAS), and Aggregate Demand (AD) curves.- Identify and label the equilibrium point.Additionally, determine whether the economy is in a state of equilibrium, expansion, or recession.**Graph Explanation**The graph provided is a basic grid that can be used to plot economic models. To complete the economic analysis, one would typically:- Label the X-axis as "Real GDP" and the Y-axis as "Price Level."- Plot a vertical line to represent the LRAS.- Plot upward sloping SRAS and downward sloping AD lines intersecting at a point to demonstrate equilibrium.Careful analysis of where these lines intersect will reveal the state of the economy, indicating if it’s operating at full capacity or experiencing discrepancies like inflation or recession.

The measure that depicts the intersection of the aggregate supply curve of the economy and the…

Answered: 11. First, prepare a graphic…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The bill includes $130 billion to allow for a return to full-time, in-person teaching at K-12 schools.
assistance to small busines, landlords and renters: 30 Billion
Obomacare Expansion: 34.2 Billion
Child Tax Credit Boost: 110 Billion
Vaccine Distribution: 160 Billion
school credit: 1 Billion
Coronavirus Preparedness and response supplemental appropriation act: 8.3 Billion
Families first coronavirus reposne act 225 billion
paycheck protection program: 483 Billion
Consolidated appropriations act: 920 Billion

So we just had one of biggest (if not THE biggest) actions of Fiscal Policy. Now using
the Agg Model, you will explain what is happening now...

First, prepare a graphic representation off the economy before the Biden Covid Bill. In the space below, insert the names for X and Y axis, graph LRAS and SRAS and AD line, and identify/label equilibrium. Be sure to identity whether the economy is at equilibrium, in expansion or in recession.

**Discussion on Fiscal Policy and Economic Modeling**

Recently, one of the most significant actions in fiscal policy has taken place. By utilizing the Aggregate Demand and Supply (Agg) Model, we can explore and explain the current economic situation.

**11. Modeling Economic Conditions Pre-Biden Covid Bill**

First, prepare a graphic representation of the economy before the Biden Covid Bill. Use the space provided below to:

- Name the X and Y axes.
- Graph the Long-Run Aggregate Supply (LRAS), Short-Run Aggregate Supply (SRAS), and Aggregate Demand (AD) curves.
- Identify and label the equilibrium point.

Additionally, determine whether the economy is in a state of equilibrium, expansion, or recession.

**Graph Explanation**

The graph provided is a basic grid that can be used to plot economic models. To complete the economic analysis, one would typically:

- Label the X-axis as "Real GDP" and the Y-axis as "Price Level."
- Plot a vertical line to represent the LRAS.
- Plot upward sloping SRAS and downward sloping AD lines intersecting at a point to demonstrate equilibrium.

Careful analysis of where these lines intersect will reveal the state of the economy, indicating if it’s operating at full capacity or experiencing discrepancies like inflation or recession.

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