An economy described by C= 50+.9(Y-40-.1Y), I = 10, G = 20 and NX = 6-.06Y-5P experiences a positive AS shock: AS = 2P shifts to AS₁ = 2P + 40. Provide a diagram for AS/AD to illustrate and quantify the short-run equilibria. b. Compute the level of government spending G= C. Update your diagram to show how AS and AD would be affected by this offset. a. that would offset this shock y = y0.

An economy described by C= 50+.9(Y-40-.1Y), I = 10, G = 20 and NX = 6-.06Y-5P experiences a positive AS shock: AS = 2P shifts to AS₁ = 2P + 40. Provide a diagram for AS/AD to illustrate and quantify the short-run equilibria. b. Compute the level of government spending G= C. Update your diagram to show how AS and AD would be affected by this offset. a. that would offset this shock y = y0.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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