Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. The graph below depicts an economy where an increase in aggregate demand has caused inflation. Assume the government decidesto conduct fiscal policy by decreasing government purchases to restore full-employment GDP.LRAS160140120EX1008060AD₁40ADPrice Level18020Fiscal Policy0AS100 200 300 400 500 600 700 800 900 1000Real GDP (billions of dollars)O Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) infront of those numbers.a. How much does aggregate demand need to change to restore the economy to its long-run equilibrium?200 billionb. If the MPC is 0.75, how much does government purchases need to change to shift aggregate demand by the amount you found inpart a?billionSuppose instead that the MPC is 0.6.c. How much does aggregate demand and government purchases need to change to restore the economy to its long-run equilibrium?Aggregate demand needs to change by $[ billion and government purchases need to change by $billion.

Initial long-run equilibrium occurs at the intersection point of LRAS, AS, and AD. At this point,…

The graph below depicts an economy where an increase in aggregate demand has caused inflation. Assume the government decides to conduct fiscal policy by decreasing government purchases to restore full-employment GDP. LRAS 140 120 100 EX 80 60 AD₁ 40 AD Price Level 180 160 20 Fiscal Policy 0 AS 100 200 300 400 500 600 700 800 900 1000 Real GDP (billions of dollars)

The graph below depicts an economy where an increase in aggregate demand has caused inflation. Assume the government decides to conduct fiscal policy by decreasing government purchases to restore full-employment GDP. LRAS 140 120 100 EX 80 60 AD₁ 40 AD Price Level 180 160 20 Fiscal Policy 0 AS 100 200 300 400 500 600 700 800 900 1000 Real GDP (billions of dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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