i need this Answer in words not handwrittenjust copy paste LASPrecei)LAS is the longt) uuSASSupply cuovePleti") eursent equili'sriSADMihen SAS- SAD= LASYEoutputat Ple 8 YE [E point]Pričeしれspending1ncrease in SAD to SAD'1) 1in Covt lead toSASPLE(upward)• SAD!SAD1 9t is assumed that Ecenomyinis currentlyat Ye thenYElong hun cquilitmuIncrease in AD doesn't impactIncveases the inflation ratiemploymentbutAfter adjustment E conomy reaches at new equilibonPreceLASpuni E to E WhaSAS1) Now SAS nill shuft bakwarddue toimpact & New supply'is SAs'PL2pnce wage flexebilityPLESADSADii)

i) LAS is the long run supply curve. ii) The equilibrium prevails at the point where SAS = SAD = LAS…

LAS Price i) LAS is tht long SAS Supply cuoue E. PLe ") eurrent equili'bri SAD Mihen Sns:SAD= LAS YE output at Ple s Yc [E point] Price しれ 1) Ain Cort spending tead to SAS 1ncreaser in SAD to SAD' PLE ( upward) •SADI SAD 1) 9t is assumed that Economy YE is currently in long hun cquilikou Increase in AD doesn't impact Increases the inflation rati at Ye then employment but After adjustment E cenomy reachis at new equitstor in Prece LAS pany E to E Wahas SAS ) Now SAS nill shuft baskward pnce wage flezibihty impact & New supply'is SAS' PL2 due to PLE SAD SAD

LAS Price i) LAS is tht long SAS Supply cuoue E. PLe ") eurrent equili'bri SAD Mihen Sns:SAD= LAS YE output at Ple s Yc [E point] Price しれ 1) Ain Cort spending tead to SAS 1ncreaser in SAD to SAD' PLE ( upward) •SADI SAD 1) 9t is assumed that Economy YE is currently in long hun cquilikou Increase in AD doesn't impact Increases the inflation rati at Ye then employment but After adjustment E cenomy reachis at new equitstor in Prece LAS pany E to E Wahas SAS ) Now SAS nill shuft baskward pnce wage flezibihty impact & New supply'is SAS' PL2 due to PLE SAD SAD

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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