The economy of Ashenvale is currently in a long-run equilibrium shown by point E, on the graph. Economy of Ashenvale 2,400 Suppose that there is a negative AS shock to the economy and the AS curve shifts to the left as shown by the AS, curve. AS₁ 2,000- Using the point drawing tool, plot and label the new equilibrium point. ASO Carefully follow the instructions above, and only draw the required object. The economy is currently experiencing gap. Price Level (P) 1,600- 1,300 Ep 1,200 ADO 800- 400- 7,000 o+ 2,000 4,000 6,000 Real GDP (Y) 8,000 10,000

The economy of Ashenvale is currently in a long-run equilibrium shown by point E, on the graph. Economy of Ashenvale 2,400 Suppose that there is a negative AS shock to the economy and the AS curve shifts to the left as shown by the AS, curve. AS₁ 2,000- Using the point drawing tool, plot and label the new equilibrium point. ASO Carefully follow the instructions above, and only draw the required object. The economy is currently experiencing gap. Price Level (P) 1,600- 1,300 Ep 1,200 ADO 800- 400- 7,000 o+ 2,000 4,000 6,000 Real GDP (Y) 8,000 10,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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