All of 5.2 and 5.3 please. I don’t really know how to explain nor how to show. 5.2 Explain why the long-run aggregate supply curve is vertical. Then, explain how each of thefollowing events would affect the long-run aggregate supply curve.a. A lower price levelsb. A decrease in the labor forceA decrease in the quantity of capital goodsd. Technological changeC.5.3. Starting from long-run equilibrium, use the basic aggregate demand and aggregate supply diagramto show what happens in both the long run and the short run when there is a decline in wealth.Explain how the economy moves back to full employment.

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5.2 Explain why the long-run aggregate supply curve is vertical. Then, explain how each of the following events would affect the long-run aggregate supply curve. a. A lower price levels b. A decrease in the labor force c. A decrease in the quantity of capital goods d. Technological change

5.2 Explain why the long-run aggregate supply curve is vertical. Then, explain how each of the following events would affect the long-run aggregate supply curve. a. A lower price levels b. A decrease in the labor force c. A decrease in the quantity of capital goods d. Technological change

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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