In 2000, the economy of Singsville had an aggregate demand and aggregate supply according to the following schedule:| Price Level | Aggregate Demand | Short-Run Aggregate Supply | Long-Run Aggregate Supply ||-------------|------------------|----------------------------|---------------------------|| 100 | $1525.00 | $1135.00 | $1270.00 || 110 | $1450.00 | $1190.00 | $1270.00 || 120 | $1375.00 | $1245.00 | $1270.00 || 130 | $1300.00 | $1300.00 | $1270.00 || 140 | $1225.00 | $1355.00 | $1270.00 || 150 | $1150.00 | $1410.00 | $1270.00 || 160 | $1075.00 | $1465.00 | $1270.00 |**Questions:**1. What was Singsville’s short-run equilibrium output in 2000? $ ______2. Was Singsville in long-run equilibrium in 2000? - ☐ Yes - ☐ No**Explanation of Table:**- The table shows levels of aggregate demand, short-run aggregate supply, and long-run aggregate supply at different price levels.- Short-run equilibrium occurs where aggregate demand equals short-run aggregate supply.- Long-run equilibrium is achieved when aggregate demand equals long-run aggregate supply. In this table, the short-run equilibrium is at a price level of 130, where aggregate demand and short-run aggregate supply both equal $1300. To determine if Singsville was in long-run equilibrium at this output level, one would check if aggregate demand also equals long-run aggregate supply at this price level.

Aggregate demand is defined as the total expenditure incurred by all the sectors of the economy to…

In 2000, the economy of Singsville had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply Long-Run Aggregate Supply 100 $1135.00 $1270.00 110 $1190.00 $1270.00 120 $1245.00 $1270.00 130 $1300.00 $1270.00 140 $1355.00 $1270.00 150 $1410.00 $1270.00 160 $1465.00 $1270.00 $1525.00 $1450.00 OYes $1375.00 $1300.00 $1225.00 $1150.00 $1075.00 What was Singsville's short-run equilibrium output in 2000? $ Was Singsville in long-run equilibrium in 2000?

In 2000, the economy of Singsville had an aggregate demand and aggregate supply according to the following schedule: Price level Aggregate Demand Short-Run Aggregate Supply Long-Run Aggregate Supply 100 $1135.00 $1270.00 110 $1190.00 $1270.00 120 $1245.00 $1270.00 130 $1300.00 $1270.00 140 $1355.00 $1270.00 150 $1410.00 $1270.00 160 $1465.00 $1270.00 $1525.00 $1450.00 OYes $1375.00 $1300.00 $1225.00 $1150.00 $1075.00 What was Singsville's short-run equilibrium output in 2000? $ Was Singsville in long-run equilibrium in 2000?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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