Refer to the data in the table given below. Suppose that the present equilibrium price level and level of real GDP are 100 and $235, and that data set A represents the relevant aggregate supply schedule for the economy. (A) Price (B) Price Level (C) Price Real Real Real Level GDP GDP Level GDP 100 210 110 235 110 285 100 235 100 235 100 260 100 260 95 235 95 235 100 285 90 235 90 210 a. What must be the current amount of real output demanded at the 100 price level? Real output demanded $ 235 b. If the amount of output demanded increases by $50 at the 100 price level shown in A, what will be the new equilibrium real GDP? The new equilibrium level of real GDP: 285
Refer to the data in the table given below. Suppose that the present equilibrium price level and level of real GDP are 100 and $235, and that data set A represents the relevant aggregate supply schedule for the economy. (A) Price (B) Price Level (C) Price Real Real Real Level GDP GDP Level GDP 100 210 110 235 110 285 100 235 100 235 100 260 100 260 95 235 95 235 100 285 90 235 90 210 a. What must be the current amount of real output demanded at the 100 price level? Real output demanded $ 235 b. If the amount of output demanded increases by $50 at the 100 price level shown in A, what will be the new equilibrium real GDP? The new equilibrium level of real GDP: 285
Chapter1: Making Economics Decisions
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![Refer to the data in the table glven below. Suppose that the present equilibrium price level and level of real GDP are 100 and $235,
and that data set A represents the relevant aggregate supply schedule for the economy.
(A)
(B)
Real
(C)
Price
Real
Price
Price
Real
Level
GDP
Level
GDP
Level
GDP
100
210
110
235
110
285
100
235
100
235
100
260
100
260
95
235
95
235
100
285
90
235
90
210
a. What must be the current amount of real output demanded at the 100 price level?
Real output demanded $
235
b. If the amount of output demanded increases by $50 at the 100 price level shown in A, what will be the new equilibrium real GDP?
The new equilibrium level of real GDP = $
285
In business cycle terminology, what would economists call this change in real GDP? Expansion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a850742-0b0d-4ae3-b84c-f1d58048b226%2F8d839e2c-d47c-44df-b22a-f689bc20b38e%2Fz8cpff0s_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Refer to the data in the table glven below. Suppose that the present equilibrium price level and level of real GDP are 100 and $235,
and that data set A represents the relevant aggregate supply schedule for the economy.
(A)
(B)
Real
(C)
Price
Real
Price
Price
Real
Level
GDP
Level
GDP
Level
GDP
100
210
110
235
110
285
100
235
100
235
100
260
100
260
95
235
95
235
100
285
90
235
90
210
a. What must be the current amount of real output demanded at the 100 price level?
Real output demanded $
235
b. If the amount of output demanded increases by $50 at the 100 price level shown in A, what will be the new equilibrium real GDP?
The new equilibrium level of real GDP = $
285
In business cycle terminology, what would economists call this change in real GDP? Expansion
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