In 2014, the economy of Greatstown had an aggregate demand and aggregate supply according to the following schedule: Price Level Aggregated Demand Short-run Aggregate Supply Long-run aggregate supply 30 $1455 $1275 $1400 40 $1420 $1300 $1400 50 $1385 $1325 $1400 60 $1350 $1350 $1400 70 $1315 $1375 $1400 80 $1280 $1400 $1400 90 $1245 $1425 $1400 What was Greatstown’s short-run equilibrium output 2014?
In 2014, the economy of Greatstown had an aggregate demand and aggregate supply according to the following schedule: Price Level Aggregated Demand Short-run Aggregate Supply Long-run aggregate supply 30 $1455 $1275 $1400 40 $1420 $1300 $1400 50 $1385 $1325 $1400 60 $1350 $1350 $1400 70 $1315 $1375 $1400 80 $1280 $1400 $1400 90 $1245 $1425 $1400 What was Greatstown’s short-run equilibrium output 2014?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In 2014, the economy of Greatstown had an aggregate
| Aggregated Demand | Short-run Aggregate Supply | Long-run aggregate supply | |
| 30 | $1455 | $1275 | $1400 |
| 40 | $1420 | $1300 | $1400 |
| 50 | $1385 | $1325 | $1400 |
| 60 | $1350 | $1350 | $1400 |
| 70 | $1315 | $1375 | $1400 |
| 80 | $1280 | $1400 | $1400 |
| 90 | $1245 | $1425 | $1400 |
What was Greatstown’s short-run equilibrium output 2014?
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