2a) You have the following information about aggregate demand and aggregate supply.Complete the table. Aggregate supply is Y=2+PL2 Amounts are in millions of dollarsPricelevel$2CGMADAS$10 $5$8 $7 $2 28$3$8$4 $6 $6 $3 21$4$6$4$8$4 $4 1816$5$4$3$7 $3 $5 1221$6$2$3$4$3 | S6 |し38出4b) Macroeconomic equilibrium occurs at a price-level ofand an output level of h units

Aggregate demand is the sum of consumption, investment, government spending and net exports.

2a) You have the following information about aggregate demand and aggregate supply. Complete the table. Aggregate supply is Y=2+PL2 Amounts are in millions of dollars Price level $2 G M AD AS $10 $5 $8 $7 $2 38 $3 $8 $4 $6 $6 $3 21 $4 $6 $4 $8 $4 $4 18 16 $5 $4 $3 $7 $3 $5 12 21 $6 $2 $3 $4 $3 $6 38 出4 b) Macroeconomic equilibrium occurs at a price-level of and an output level of

2a) You have the following information about aggregate demand and aggregate supply. Complete the table. Aggregate supply is Y=2+PL2 Amounts are in millions of dollars Price level $2 G M AD AS $10 $5 $8 $7 $2 38 $3 $8 $4 $6 $6 $3 21 $4 $6 $4 $8 $4 $4 18 16 $5 $4 $3 $7 $3 $5 12 21 $6 $2 $3 $4 $3 $6 38 出4 b) Macroeconomic equilibrium occurs at a price-level of and an output level of

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Other things constant, an improvement in overall technology that allows more output to be produced with the same level of inputs causes a movement up and along the supply curve, resulting in both a higher equilibrium price and quantity. a leftward shift of the supply curve but a fall in price and an increase in the quantity supplied. no movement of the supply curve but a fall in price and an increase in the quantity supplied. 3 a rightward shift of the supply curve so that more is offered for sale at every price.
6. Changes in taxes The following graph plots an aggregate demand curve. Using the graph, shift the aggregate demand curve to depict the impact that a tax hike has on the economy. ? PRICE LEVEL 8 1:30 120 110 100 8 90 80 70 0 Sunnore the no 10 20 30 OUTPUT Aggregate Demand 40 50 Aggregate Demand
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Price Pi D. Quantity Reference: Ref 4(5)-9 Figure: Supply and Demand (Figure: Supply and Demand) Use Figure: Supply and Demand. A binding price ceiling represented by: A) the price P1- B) the price P2- O C) the price P3. D) point C.
6. Nonprice-level determinants of aggregate supply The lowing graph shows an increase in aggregate supply (AS) in a hypothetical economy. Specifically, aggregate supply shifts to the right from AS1 to S₂, causing the quantity of output supplied at a price level of 125 to rise from $250 billion to $350 billion. PRICE LEVEL (CPI) 175 150 125 100 75 50 25 0 0 50 AS, 100 150 200 250 REAL GDP (Billions of dollars) 300 350 AS₂ 400 ©
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34) Unemployment would increase and prices would decrease if aggregate demand shifted left aggregate demand shifted right aggregate supply shifted left aggregate supply shifted right
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1. Assume that the equilibrium price is at $3 and equilibrium quantity is at 40 units of a product. Then, imagine that suddenly any of determinants of demand, other than the price of the product, caused demand to increase while, at the same time, one of determinants of supply, other than the price of the product, caused supply to decrease. TASK: First, draw the demand and supply graph to show the original equilibrium price at $3 and equilibrium quantity at 40 units. Second pick ONE specific DETERMINANT of DEMAND and ONE specific DETERMINANT of SUPPLY Third, show in the graph what it looked like if demand increased and supply decreased (select where you think that the new price and quantity would change to), what the new equilibrium price and equilibrium quantity would be, after both changes in demand and supply occurred. Fourth, in a couple of words, write down what would be YOUR new equilibrium price and equilibrium quantity. IThat is, tell us that the original equilibrium price…
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Table 4-1 Quantity Demanded by Michelle 5 6 Quantity Demanded by Laura 4 6 Quantity Demanded by Hillary 11 13 15 17 19 Price $5 $4 $3 $2 $1 10 9 10 12 14 21 1. Refer to Table 4-1. If the market consists of Michelle, Laura, and Hillary and the price falls by $1, the quantity demanded in the market increases by how much? 2. Refer to Table 4-1. If the market consists of Michelle and Laura only and the price falls by $1, the quantity demanded in the market increases by how much?
Question 2 If a movie theater ticket is a normal good, what do you suppose would happen to price and quantity during an economic recession? Question 2 options: (highlight correct answer) Price and quantity would both increase Price would increase and quantity decrease Price and quantity would both decrease Price would decrease and quantity increase