1-4 Answered, need 5-7 1.Draw the aggregate demand and short-run aggregate supply curves.Above chart2.What is the initial real GDP?$10 trillionWhat is the initial price level?3.5What kind of gap, if any, exists?4.No gapAfter the increase in health-care costs, each level of real GDP requires an increasein the price level of o.8. For example, producing $9.0 trillion worth of goods andservices now requires a price level of 3.8. What is the short-run equilibrium levelof real GDP?5.6.After the health-care cost increase, what is the new equilibrium price level in theshort run?7.What sort of gap, if any, now exists? Aggregate Quantity of Goods and ServicesPrice LevelDemandedSupplied3.0 $11.0 trillion$9.0 trillion3.4 $10.8 trillion$9.2 trillion3.8 $10.6 trillion$9.4 trillion4.2 $10.4 trillion$9.6 trillion4.6 $10.2 trillion$9.8 trillion5.0 $10.0 trillion$10.0 trillion5.4 $9.8 trillion$10.2 trillion5.8 $9.6 trillion$10.4 trillion6.2 $9.4 trillion$10.6 trillion6.6 $9.2 trillion$10.8 trillion7.0 $9.0 trillion$11.0 trillion

Aggregate demand and aggregate supply are the two major macroeconomic variables and the two…

5. After the increase in health-care costs, each level of real GDP requires an increase in the price level of o.8. For example, producing $9.0 trillion worth of goods and services now requires a price level of 3.8. What is the short-run equilibrium level of real GDP? 6. After the health-care cost increase, what is the new equilibrium price level in the short run? 7. What sort of gap, if any, now exists?

5. After the increase in health-care costs, each level of real GDP requires an increase in the price level of o.8. For example, producing $9.0 trillion worth of goods and services now requires a price level of 3.8. What is the short-run equilibrium level of real GDP? 6. After the health-care cost increase, what is the new equilibrium price level in the short run? 7. What sort of gap, if any, now exists?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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