Need help with this. Check first picture to answer the question on the 2nd question. Thanks ! The following graph shows a decrease in aggregate supply ($AS$) in a hypothetical economy. Specifically, aggregate supply shifts to the left from $AS_1$ to $AS_2$, causing the quantity of output supplied at a price level of 125 to fall from $250 billion to $150 billion.### Graph Explanation**Axes:**- **Vertical Axis:** Price Level (CPI) ranging from 0 to 200.- **Horizontal Axis:** Real GDP (Billions of dollars) ranging from 0 to 400.**Lines:**- **$AS_1$:** Initially positioned further right, it shows the original aggregate supply curve before the shift.- **$AS_2$:** Positioned to the left of $AS_1$, it represents the new aggregate supply after the decrease.**Shifts and Intersections:**- The line shifts from $AS_1$ to $AS_2$, indicating a decrease in aggregate supply.- At a price level of 125, the real GDP decreases from 250 billion dollars to 150 billion dollars as the aggregate supply curve shifts leftward. This shift illustrates how changes in aggregate supply can impact the overall output in an economy at a given price level. The following table lists several determinants of aggregate supply. Complete the table by indicating the changes in the determinants necessary to decrease aggregate supply.| Determinant | Change Needed to Decrease $ AS $ ||---------------------|-------------------------------------|| Nominal Wage Rate | Increase/Decrease || Productivity | Improvement/Decline || Tax Rates | Increase/Decrease |

Aggregate supply, also called total output, is the total supply of products and services produced…

The following graph shows a decrease in aggregate supply (A.S) in a hypothetical economy. Specifically, aggregate supply shifts to the left from AS₁ to AS2, causing the quantity of output supplied at a price level of 125 to fall from $250 billion to $150 billion. PRICE LEVEL (CPI) 200 175 150 125 100 75 50 AS2 AS₁ ?

The following graph shows a decrease in aggregate supply (A.S) in a hypothetical economy. Specifically, aggregate supply shifts to the left from AS₁ to AS2, causing the quantity of output supplied at a price level of 125 to fall from $250 billion to $150 billion. PRICE LEVEL (CPI) 200 175 150 125 100 75 50 AS2 AS₁ ?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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