3 For the following questions, begin with aneconomy in AS-AD long-run equilibrium which isthen hit by some event. Please draw a newdiagram for each question. And answer in detailsfor each of questions:a. Because of Russia – the Ukraina war, there is an oilshock as the price of oil unexpectedly increases.Depict the impact on your diagram. Explain atleast one way the economy could return to long-run equilibrium. ( )o. Continue from question a, there is a large influx ofimmigrants into the European economy so there isan increase in the labor supply. Depict the impacton your diagram. Explain how the economy couldreturn to long-run equilibrium ( !

The aggregate demand curve shows the inverse relationship between the price level and the total…

Business

Economics

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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