The graph to the right shows a 45°-line (Keynesian cross) diagram. The economy is currently in macroeconomic equilibrium at output level Y.. Suppose that the price level decreases. 1) Use the line tool to show a possible position for the new aggregate expenditures line. Label this line AE₂. Note: if you are not prompted for a label, you have used the wrong drawing tool. 2) Use the point drawing tool to show the new equilibrium levels of GDP and expenditures.Label this point 'B'. A Y = AE AEO

The graph to the right shows a 45°-line (Keynesian cross) diagram. The economy is currently in macroeconomic equilibrium at output level Y.. Suppose that the price level decreases. 1) Use the line tool to show a possible position for the new aggregate expenditures line. Label this line AE₂. Note: if you are not prompted for a label, you have used the wrong drawing tool. 2) Use the point drawing tool to show the new equilibrium levels of GDP and expenditures.Label this point 'B'. A Y = AE AEO

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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