Scenario: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...Now please graph what that anticipated impacts of the Biden Covid bill on the Agg Economy. Please label both axis, insert AD (AD-2), draw the initial LRAS (as LRAS-1) and SRAS (as SRAS-1) (ie before the pandemic) and the initial equilibrium/expansion/recession (Real GDP-1). Then draw a new the new graphs that you represent the impact of the Biden Covid Bill over the next 6-12 months. Label each new curve/location as “name-2”. **Graphing the Anticipated Impacts of the Biden Covid Bill on the Aggregate Economy****Instructions:**1. **Labeling the Axes and Curves:** - Label both the vertical and horizontal axes. - Insert Aggregate Demand (AD) as AD-2. - Draw the initial Long-Run Aggregate Supply (LRAS) as LRAS-1. - Draw the initial Short-Run Aggregate Supply (SRAS) as SRAS-1 (representing the state before the pandemic). - Indicate the initial equilibrium/expansion/recession with Real GDP-1.2. **Drawing New Curves:** - Illustrate the anticipated impact of the Biden Covid Bill over the next 6-12 months with new graphs. - Label each new curve/location as "name-2".**Diagram Explanation:**The graph is a blank grid that allows you to plot economic indicators and visualize the impact of fiscal policy changes. It serves as a template for mapping shifts in demand and supply curves due to economic policies.**Questions for Analysis:**5. **Analysis of Economic Impact:** - Consider the changes plotted in the graph. - Based on these changes, analyze what happens to the aggregate economy because of the Biden Covid Bill. - Provide a detailed explanation of anticipated outcomes, such as changes in real GDP, employment, or inflation rates.**Answer Area:**________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Answered: Image /qna-images/answer/0a46124a-cb0c-4bf5-a2eb-0977dd31b6f2.jpg

Answered: 4. Now please graph what that…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Scenario:

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...

Now please graph what that anticipated impacts of the Biden Covid bill on the Agg Economy. Please label both axis, insert AD (AD-2), draw the initial LRAS (as LRAS-1) and SRAS (as SRAS-1) (ie before the pandemic) and the initial equilibrium/expansion/recession (Real GDP-1). Then draw a new the new graphs that you represent the impact of the Biden Covid Bill over the next 6-12 months. Label each new curve/location as “name-2”.

**Graphing the Anticipated Impacts of the Biden Covid Bill on the Aggregate Economy**

**Instructions:**

1. **Labeling the Axes and Curves:**
- Label both the vertical and horizontal axes.
- Insert Aggregate Demand (AD) as AD-2.
- Draw the initial Long-Run Aggregate Supply (LRAS) as LRAS-1.
- Draw the initial Short-Run Aggregate Supply (SRAS) as SRAS-1 (representing the state before the pandemic).
- Indicate the initial equilibrium/expansion/recession with Real GDP-1.

2. **Drawing New Curves:**
- Illustrate the anticipated impact of the Biden Covid Bill over the next 6-12 months with new graphs.
- Label each new curve/location as "name-2".

**Diagram Explanation:**

The graph is a blank grid that allows you to plot economic indicators and visualize the impact of fiscal policy changes. It serves as a template for mapping shifts in demand and supply curves due to economic policies.

**Questions for Analysis:**

5. **Analysis of Economic Impact:**
- Consider the changes plotted in the graph.
- Based on these changes, analyze what happens to the aggregate economy because of the Biden Covid Bill.
- Provide a detailed explanation of anticipated outcomes, such as changes in real GDP, employment, or inflation rates.

**Answer Area:**

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

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