answer only question 3 pls Suppose that the production function for the economy is given by:Y = AL/3K/3Suppose that this economy has 1,000 units of Labour, and 125 units of capital, and TFP (A) isequal to 10.The Short-Run Aggregate Supply Curve (AS) here is given by:Y = 5pAnd when we consider the AEF at a price level of $1,400, the main components of it (C, I, & G)are given by (we are assuming a closed economy NX = 0):C = 300 + 0.8YI = 300G = 2001. What is potential GDP in this question (Y*)? Show your work.Suppose also that for any $10 decrease in price, desired consumption will increase by $5.2. Write down the equation for the Aggregate Demand Curve (AD) in the form ofY = a + bp. Show your work.3. What is the current Short-Run Equilibrium value for Real GDP (Y) and the price level (p)?Show your work.4. Draw the AD, AS, and LRAS curves. Label all x-intercepts and y-intercepts. Are wecurrently in an Inflationary Gap, Recessionary Gap, or in Long-Run Equilibrium? How doyou know?

The long-run aggregate supply curve shows that the price level and total quantity of goods and…

Answered: answer only question 3 pls

Business

Economics

answer only question 3 pls

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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