The figure below shows the aggregate demand (AD) curve, short-run aggregate supply (SRAS) curve, and long-run aggregate supply (LRAS) curve. In the figure, the economy is initially in equilibrium at full employment at Point e. Aggregate Price Level (P) K 100 90 0 I 1 1 2,500 2,600 LRAS AD₁ 2,800 Aggregate Output (Q) ADO The long-run equilibrium level of aggregate output is SRAS Assume aggregate demand shifts from ADo to AD₁. The new short-run equilibrium level of aggregate output (Q) is

The figure below shows the aggregate demand (AD) curve, short-run aggregate supply (SRAS) curve, and long-run aggregate supply (LRAS) curve. In the figure, the economy is initially in equilibrium at full employment at Point e. Aggregate Price Level (P) K 100 90 0 I 1 1 2,500 2,600 LRAS AD₁ 2,800 Aggregate Output (Q) ADO The long-run equilibrium level of aggregate output is SRAS Assume aggregate demand shifts from ADo to AD₁. The new short-run equilibrium level of aggregate output (Q) is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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