Please draw carefully and explanation otherwise o give downvoteNote:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. The table gives an economy's aggregate demand, short-run aggregate supply, and long-run aggregatesupply schedules.140-Price level (GDP deflator, 2012-100)Pricelevel(GDPdeflator, 2009-100)Real GDPReal GDP supplieddemanded in short runReal GDPsuppliedin long run(billions of 2012 dollars)100700200300110600350300120500500300130400650300Draw the LAS curve, the SAS curve and the AD curve. Label the curves.Draw a point at the short-run macroeconomic equilibrium.Draw a horizontal arrow at the equilibrium price that shows the output gap.What type of output gap does the graph show?The graph showsOA. no outputOB. an inflationaryOC. a recessionarygap.4130-120-110100-90+200400600800Real GDP (billions of 2012 dollars)>>> Draw only the objects specified in the question.G

Long run aggregate supply is total supply of goods and services in an economy at a certain price…

Answered: The table gives an economy's aggregate…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please draw carefully and explanation otherwise o give downvote

Note:-

Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.

Answer completely and accurate answer.

Rest assured, you will receive an upvote if the answer is accurate.

The table gives an economy's aggregate demand, short-run aggregate supply, and long-run aggregate
supply schedules.
140-
Price level (GDP deflator, 2012-100)
Price
level
(GDP
deflator, 2009-100)
Real GDP
Real GDP supplied
demanded in short run
Real GDP
supplied
in long run
(billions of 2012 dollars)
100
700
200
300
110
600
350
300
120
500
500
300
130
400
650
300
Draw the LAS curve, the SAS curve and the AD curve. Label the curves.
Draw a point at the short-run macroeconomic equilibrium.
Draw a horizontal arrow at the equilibrium price that shows the output gap.
What type of output gap does the graph show?
The graph shows
OA. no output
OB. an inflationary
OC. a recessionary
gap.
4
130-
120-
110
100-
90+
200
400
600
800
Real GDP (billions of 2012 dollars)
>>> Draw only the objects specified in the question.
G

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