2 DokAssume that the potential GDP of the economy of Arion is $1.300, and that the aggregate demand and aggregate supply are as shownin the following table.Aggregate QuantityDemanded 1$1,5001,4501,4001,3501,3001,2501,2001,1501,000950Aggregate QuantityDemanded 2Price Index96979899c. The new value of equilibrium real GDP isd. There is (Click to select)gap. The gap is equal to $100101102103104105and the price level is.a. The value of equilibrium real GDP isThere is (Click to select) gap. The gap is equal to $.b. If firms become more optimistic and aggregate demand increases by $90, complete the aggregate demand 2 column in the tableabove.and the price level is now< PrevO Search2 of 18Aggregate QuantitySupplied$1,1001,160wwwwww.www1,2101,2601,3001,3401,3801,4101,4301,450SAMSUNGNext >

Aggregate quantity demanded is the demand for final goods and services at the given price level. It…

Assume that the potential GDP of the economy of Arion is $1,300, and that the aggregate demand and aggregate supply are as sho in the following table. Aggregate Quantity Demanded 1 $1,500 1,450 1,400 1,350 1,300 1,250 1,200 1,150 1,000 950 Aggregate Quantity Demanded 2 Price Index 96 97 98 99 100 101 102 103 104 105 Aggregate Quantity Supplied $1,100 1,160 1,210 1,260 1,300 1,340 1,380 1,410 1,430 1,450 a. The value of equilibrium real GDP is and the price level is There is (Click to select) gap. The gap is equal to $. b. If firms become more optimistic and aggregate demand increases by $90, complete the aggregate demand 2 column in the table above. c. The new value of equilibrium real GDP is d. There is (Click to select)gap. The gap is equal to $ and the price level is now

Assume that the potential GDP of the economy of Arion is $1,300, and that the aggregate demand and aggregate supply are as sho in the following table. Aggregate Quantity Demanded 1 $1,500 1,450 1,400 1,350 1,300 1,250 1,200 1,150 1,000 950 Aggregate Quantity Demanded 2 Price Index 96 97 98 99 100 101 102 103 104 105 Aggregate Quantity Supplied $1,100 1,160 1,210 1,260 1,300 1,340 1,380 1,410 1,430 1,450 a. The value of equilibrium real GDP is and the price level is There is (Click to select) gap. The gap is equal to $. b. If firms become more optimistic and aggregate demand increases by $90, complete the aggregate demand 2 column in the table above. c. The new value of equilibrium real GDP is d. There is (Click to select)gap. The gap is equal to $ and the price level is now

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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