Please no written by hand solution Assume that the potential GDP of the economy of Arion is $1,160, and that the aggregate demand and aggregate supply are as shown in the following table. Aggregate Quantity Demanded 1 Aggregate Quantity Demanded 2 Price Index Aggregate Quantity Supplied $1,240 96 $1,000 1,220 97 1,040 1,200 98 1,080 1,180 99 1,120 1,160 100 1,160 1,140 101 1,200 1,120 102 1,240 1,100 103 1,270 1,080 104 1,300 1,060 105 1,330 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 $60, complete the aggregate demand 2 column in the table above. c. The new value of equilibrium real GDP is and the price level is now . d. There is (Click to select) gap. The gap is equal to $ .
Please no written by hand solution
Assume that the potential
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